Menu
25/09/2003
Petrol prices to rise next month
Petrol prices are set to increase by 1.28 pence per litre in line with inflation, the Treasury today confirmed.
Following the Budget announcement that the annual revalorisation of fuel duties would be deferred for six months due to international uncertainties, with the military conflict in Iraq and the volatility of oil prices, fuel duties will now rise on October 1.
Since the Budget, the uncertainty for other regional oil-producing nations had lessened, the Treasury said. The volatility of oil prices at the time of the Budget has now diminished and oil prices have become more stable. The legislation for this change was passed by Parliament in the Finance Act on 10 July 2003.
Since March 1999, the duty rates on the main types of petrol and diesel have not risen in real terms, the government said. Duty rates rose in line with inflation in March 2000, were cut by two pence and three pence per litre in March 2001 and have been frozen since then – representing a cost to the Exchequer of £1.8 billion or a reduction in real terms of 13%, the Treasury claimed.
Yesterday's OPEC meeting in Vienna agreed a small cut in output in response to the fall in prices expected to follow normalisation of Iraqi production. However, OPEC said that it expected prices to remain near the middle of the $22-$28 price band into 2004 and stressed the importance of “maintaining price and market stability in 2004 and thereafter”.
(gmcg)
Following the Budget announcement that the annual revalorisation of fuel duties would be deferred for six months due to international uncertainties, with the military conflict in Iraq and the volatility of oil prices, fuel duties will now rise on October 1.
Since the Budget, the uncertainty for other regional oil-producing nations had lessened, the Treasury said. The volatility of oil prices at the time of the Budget has now diminished and oil prices have become more stable. The legislation for this change was passed by Parliament in the Finance Act on 10 July 2003.
Since March 1999, the duty rates on the main types of petrol and diesel have not risen in real terms, the government said. Duty rates rose in line with inflation in March 2000, were cut by two pence and three pence per litre in March 2001 and have been frozen since then – representing a cost to the Exchequer of £1.8 billion or a reduction in real terms of 13%, the Treasury claimed.
Yesterday's OPEC meeting in Vienna agreed a small cut in output in response to the fall in prices expected to follow normalisation of Iraqi production. However, OPEC said that it expected prices to remain near the middle of the $22-$28 price band into 2004 and stressed the importance of “maintaining price and market stability in 2004 and thereafter”.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
12 October 2010
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
UK Inflation Remains At Current Rate
According to the Office for National Statistics (ONS), UK Consumer Prices Index (CPI) inflation remained unchanged at 3.1% in September. Including a higher proportion of housing costs, the Retail Prices Index (RPI), fell back slightly to 4.6%.
30 September 2014
Major Supermarkets Slash Petrol Costs
Three supermarkets in the UK have said they are to cut its petrol prices. Both Sainsbury's and Tesco said they would reduce the cost by up to five pence a litre, while Asda said it would reduce petrol costs by up to one pence, and diesel by two pence. The news has been welcomed by the RAC and AA motoring organisations.
Major Supermarkets Slash Petrol Costs
Three supermarkets in the UK have said they are to cut its petrol prices. Both Sainsbury's and Tesco said they would reduce the cost by up to five pence a litre, while Asda said it would reduce petrol costs by up to one pence, and diesel by two pence. The news has been welcomed by the RAC and AA motoring organisations.
11 January 2012
EDF Energy Reduce Gas Prices By 5%
EDF Energy has announced it will cut its gas prices by 5% – becoming the first major supplier in 2012 to announce it will pass on falling wholesale prices to its customers. The company was the last of the major suppliers to raise its energy prices in the autumn.
EDF Energy Reduce Gas Prices By 5%
EDF Energy has announced it will cut its gas prices by 5% – becoming the first major supplier in 2012 to announce it will pass on falling wholesale prices to its customers. The company was the last of the major suppliers to raise its energy prices in the autumn.
06 November 2014
Treasury Secretary To Urge Oil Companies To Reduce Prices
The Chief Secretary to the Treasury, Danny Alexander, said he will appeal to oil companies to pass on savings to consumers. Mr Alexander said that while the price of oil has fallen from $115 per barrel to around $84 per barrel, or around 25%, petrol prices have only come down by around 6%.
Treasury Secretary To Urge Oil Companies To Reduce Prices
The Chief Secretary to the Treasury, Danny Alexander, said he will appeal to oil companies to pass on savings to consumers. Mr Alexander said that while the price of oil has fallen from $115 per barrel to around $84 per barrel, or around 25%, petrol prices have only come down by around 6%.
05 April 2005
House prices rise following March dip
House prices increased by 0.5% in March, the Halifax has reported, offsetting the 0.5% fall in February. There has been "virtually no change" in UK house prices since last September.
House prices rise following March dip
House prices increased by 0.5% in March, the Halifax has reported, offsetting the 0.5% fall in February. There has been "virtually no change" in UK house prices since last September.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
