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24th Aug 2019 Login  
Oil prices and the petrol/diesel duty
by Simon at 2008-05-27 16:06:22 (Forum::Public::General)
With fuel prices at an all time high and the argument raging about the Government's take in duty I'm wondering what the view of RRR readers is on the situation.

Should the Government hold back on the proposed 2p/litre rise in fuel duty, offer a 20-25p/litre rebate to 'essential users' (as suggested by the haulage industry lobby) or press on regardless?

What about domestic heating oil prices, which have practically doubled in the last 12 months?

The Government's reaction seems to be that it wants to pressurise OPEC into increasing production as the primary approach.

I can't see this happening any time soon - OPEC countries know best of all the state of the world's reserves, and their reluctance to increase production seems to me to indicate that they know that they have the market cornered and want to maximise their profits.

The Government, however, has practically no room for manoeuver in terms of reducing its take from fuel duty.

Justice Secretary Jack Straw says:

"government revenues have to come from somewhere"

and the Chairman of the Transport Committee, Louise Ellman MP, can only offer the bland and obvious comment:

"Everybody is feeling the impact of the increased cost of living.... That's something the government will have to think about."

While they think about what they might do, the rest of us have to suffer the consequences in terms of increased transportation costs and heating bills, coupled with the knock-on effects on food and production prices.

So what would you do in their position?

You can vote in the poll on the front page and tell us your thoughts here.
--
Simon

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Oil prices and the petrol/dies... Simon - 27/05
    Re: Oil prices and the petrol/... Simon Ridout - 28/05
    Re: Oil prices and the petrol/... Stuart - 11/06
       Re: Oil prices and the petrol/... Simon - 11/06
          Re: Oil prices and the petrol/... Ted Marynicz - 12/06
             Re: Oil prices and the petrol/... Simon - 12/06
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