Downing Street Says » Fuel Prices

» Friday, February 4, 2011

Fuel Prices

Asked for the Government’s views on what OPEC had been saying on fuel prices in the UK, the PMS replied that if oil prices went up, it had an impact on the price of petrol at the pump.

Put that their argument was that the Government was making more money than the producers through tax, the PMS said that we had a significant structural deficit that we needed to deal with and that’s why we were going ahead with certain tax rises. The Prime Minister had asked the Treasury to look at the issue of a fair fuel stabiliser, but any announcement on tax would come at the time of the Budget.

The PMS said that an increase in the oil price did have an impact on petrol prices. If people looked at recent rises in petrol prices, the majority of the increase was accountable by non-tax factors such as increases in the price of oil.

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