Re: fuel duty dropped by 1p as of tonight
It's interesting to note how the fuel duty cut is being funded.
There's an increase in a supplementary tax being charged to the oil companies. They will need to get that extra tax from their customers. So fuel duty comes down but the underlying price of fuel increases.
If the oil price falls to the level where the supplementary tax is no longer paid then the pump prices could be reduced. However, at that point, the fuel duty increase comes back in.
Smoke and mirrors anyone?
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