Although it wasn’t mentioned in the Chancellor’s Commons speech today, analysis of the Office for Budget Responsibility’s report into the autumn station suggests fuel duty could rise sharply next March.
On page 57 or the 68-page document, the OBR report‘s “risks and uncertainties” section mentions the rise.
The document says: “The planned 23 per cent increase in the fuel duty rate in late-March 2023, which adds £5.7 billon to receipts next year. This would be a record cash increase, and the first time any Government has raised fuel duty rates in cash terms since 1 January 2011. It is expected to raise the price of petrol and diesel by around 12 pence a litre.”
It is not clear whether this rise will be implemented, but suggests it is under consideration.
(Screenshot – OBR)