There are warnings that petrol and diesel prices could soar by as much as 12p a litre next year. Spending watchdog, The Office for Budget Responsibility pointed to a 'planned 23% increase in the fuel duty rate' in late March in its new analysis.
It said the hike would add £5.7billion to Government receipts next year and represent a 'record cash increase'.
In its latest economic and fiscal outlook - to coincide with Thursday's Autumn Statement - the OBR said such a rise would be "the first time any Government has raised fuel duty rates in cash terms since 1 January 2011". It added: "It is expected to raise the price of petrol and diesel by around 12 pence a litre." You can get more money news and other story updates straight to your inbox by subscribing to our newsletters here.
