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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)
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