During his budget address to the House of Commons this afternoon, Chancellor Jeremy Hunt announced that fuel duty would be frozen for the thirteenth consecutive year.
Additionally, he disclosed that he would extend the 5p-per-litre cut for an additional 12 months, in an effort to alleviate some of the financial pressures of high petrol and diesel costs on drivers.
As Mr Hunt noted, “Because inflation remains high, I have decided now is not the right time to uprate fuel duty with inflation or increase the duty.
“For a further 12 months, I’m going to maintain the 5p cut and freeze fuel duty too.
“That saves the average driver £100 next year and around £200 since the 5p cut was introduced.”
The freeze is predicted to save motorists roughly £6 billion each year, with the RAC calculating that the 12-month extension to the 5p-per-litre fuel duty cut will save drivers roughly £3.30 each time they fill up their tanks.
The freeze has meant that fuel duty will stay at its current rate of 57.95p per litre.
