Stat of the month: A taxing tankful

UK motorists endure some of the highest petrol prices across Europe, in no small part because of the level of tax on fuel. At the moment, in fact, 62.5% of the cost of a litre of fuel is tax

by MT Staff
Last Updated: 09 Oct 2013

The average cost at the pump is now around £1.30 a litre, but the petrol itself only accounts for around a third of that. Fuel duty at 59p, plus VAT, means that the rest - no less than 62.5% - is tax, filling up the government coffers nicely, with fuel duty alone bringing in more than £26bn annually.

After mounting pressure from incensed drivers, the Treasury is considering scrapping another 1p increase, due next month. It is also pondering whether to introduce a price stabiliser, which would cut tax as pump costs rise. That might stop the prices fuelling around.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Want to encourage more female leaders? Openly highlight their achievements

A study shows that publicly praising women not only increases their willingness to lead, their...

Message to Davos: Don't blame lack of trust on 'society'

The reason people don't trust you is probably much closer to home, says public relations...

Dame Cilla Snowball: Life after being CEO

One year on from stepping back as boss of Britain's largest advertising agency, Dame Cilla...

How to change people's minds when they refuse to listen

Research into climate change deniers shows how behavioural science can break down intransigence.

"Paying women equally would cripple our economy"

The brutal fact: underpaid women sustain British business, says HR chief Helen Jamieson.

Why you're terrible at recruitment (and can AI help?)

The short version is you're full of biases and your hiring processes are badly designed....