Fuel prices are set to rise by 12p a litre this spring, unless the Government acts to stop it by committing to a further duty freeze.
The Government’s budget watchdog, The Office for Budget Responsibility (OBR), has pointed to a ‘planned 23% increase in the figure duty rate in late-March 2023’, buried inside its backgrounder to Jeremy Hunt ’s autumn statement on Thursday. The move, which could impact millions of motorists, was not mentioned.
The OBR said 12p a litre would be added to pump prices if the Government did not extend the expiry date for the 5p a litre cut that was announced in the spring statement last year. As things stand, it is due to come to an end in late March next year, and the rise would boost Government coffers by £5.7bn.
