Petrol Prices To Rise This Evening

The chancellor’s 1p rise in fuel duty comes into effect this evening, pushing the price per litre ever closer to the record 119.7p high recorded in the summer of 2008.

Fuel duty will rise by 1p again in October, followed by another 1p increase in January.

The biofuel subsidy, which pays producers 20p per litre, has also been removed and is estimated to add a further 1p to petrol prices in April.

The increases are not popular, as Luke Bosdet from the AA highlights:

“The changes announced in the Budget are not going to have drivers jumping for joy.”

“There is still a steady drip, drip, drip of more fuel tax siphoning off the family budget and undermining consumer spending.”