Petrol stations pass on only 2.71 paise of Sunak’s 5 paise reduction in fuel duty to drivers

Petrol prices have fallen just 2.71p, and diesel was down 1.59p, despite Rishi Sunak saying on Wednesday a 5p fuel cut would come into effect immediately

According to new data, petrol stations have failed to pass on the chancellor’s announcement of fuel duty savings in his spring statement.

Despite Rishi Sunak’s announcement on Wednesday that a 5p fuel cut would be implemented immediately, petrol prices have fallen by only 2.71p and diesel prices have fallen by 1.59p, according to the AA.

According to the motoring organization’s research, the average petrol price in the UK was 164.59p per litre, while diesel was 178.72p per litre after the government’s reduction went into effect.

This is a slight decrease from Tuesday, when petrol and diesel pump prices reached new highs of 167.30p and 179.72p per litre, respectively.

Chancellor Rishi Sunak announces a 5p per litre reduction in fuel duty.

Mr Sunak stated on Wednesday that from 6 p.m. that day, fuel duty would be reduced by 5 pence, which would be worth 6 pence once VAT was added, until March 2023.

“The chancellor rode to the rescue of drivers on Wednesday and, even before the 6pm start of the fuel duty cut, drivers were reporting the price cut at some Asda forecourts,” said Luke Bosdet, the AA’s fuel price spokesman.

“However, the average price of gasoline on Thursday showed that less than half (2.71p) of the fuel duty cut had been passed on to drivers.”

It comes after drivers have faced record pump prices as a result of Russia’s invasion of Ukraine, which caused the cost of oil to rise.

The chancellor promised to relieve motorists’ burdens by announcing the largest reduction in fuel duty rates “ever.”

“Today, I can announce that fuel duty will be reduced for the second time in 20 years,” he told MPs on Wednesday.

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