Small drop in fuel prices following cut in excise duty
As part of the Spring Budget 2022, the Government cut excise duty on motor fuel by five pence per litre, with effect from 23 March. This was to ease the pressure on motorists as fuel prices rose to unprecedented levels.
Richard Williams, Head of Transport Policy at the Consumer Council, said: “Whilst we are pleased to see a small reduction in fuel prices in the first week following the Government’s cut in motor fuel excise duty, retailers must pass on all savings to consumers as soon as possible.
“We know the price of petrol and diesel is made up of a number of factors which may vary from one retailer to another and some may be able to pass the cut in duty more quickly than others. We have always seen a variation in pump prices across Northern Ireland and even within local areas. This may be due to factors such as when the fuel was purchased by the retailer, the volume they purchased at a certain price, and the business model of the station which may discount fuel prices to get customers into their shop.
“We hope to see further reductions over the next week as we continue to monitor fuel prices. Consumers can use our Fuel Price Checker as a guide to the price they can expect to pay in their area. We have seen a huge demand in our tool since fuel prices have increased, with over 35,000 consumers using it in March 2022 alone.”
The Consumer Council’s Fuel Price Checker Tool is available at www.consumercouncil.org.uk/fuelpricechecker. It is updated every Thursday and also contains useful hints how to use your vehicle more efficiently.