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Cost of fuel has increased 50% in seven years

Tue, 17 Sep 2013 00:00:00 -0700

THE PRICE of fuel in the UK has increased by over 50% in just over seven years, according to a recent investigation.

A study conducted on behalf of Asda Money indicates that the cost of fuel in the UK has risen from around 90p per litre at the start of 2006 to the current average of around £1.38.

The Autumn Statement from the Chancellor of the Exchequer cancelled the proposed rise in fuel duty that was due to come into force on the first of January 2013, and which had already been postponed once, but UK motorists are still paying out at the pumps.

The Chancellor has also confirmed that the planned 1.89p per litre (ppl) fuel duty rise, which was scheduled to come into effect from September 1st, has now been scrapped, meaning that fuel duty rates will remain at 57.95ppl until September 2014.

Despite this reprieve for motorists, the cost of fuel increases has had an effect on UK family finances. An AA survey in 2012 found that in light of increased charges at the pumps, 63 per cent said they would use their cars less frequently as a result. 18 per cent of car dependent families said that they would have to cut back on grocery shopping and 23 per cent would delay the purchase of furniture, luxury goods and the undertaking of home improvements.

Most cash-conscious drivers now realise that the prices on forecourts can vary wildly even within small localised areas and that when it comes to filling up with either petrol or diesel it really does pay to shop around.

By Press Association reporters