The commitment was announced in the budget on Wednesday
The continuation of the 5p reduction in fuel duty will help motorists save an average of £130 each year, it's claimed. Chancellor Rachel Reeves made the commitment in the Labour Party 's budget announcement on Wednesday, October 30.
This deduction is translating into an annual saving of approximately £130 for drivers, as reported by the price comparison website Confused.com. Fuel duty, a levy embedded within the prices consumers pay for petrol and diesel, has remained unchanged at 57.95p a litre since March 2011. However, the Russia-Ukraine conflict induced spikes in oil prices during 2022, prompting a provisional 5p decrease in the tax, which Jeremy Hunt extended in March to keep fuel prices beneath the frozen tariff, reports Birmingham Live.
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