Prepare to feel annoyed! The Daily Mail has revealed that the cost of petrol in the UK is almost the lowest in the whole of Europe (second only to Estonia). However, once taxes are added on, petrol in the UK becomes the fifth most expensive in Europe, with only Greece, Holland, Italy and Malta paying more.
According to The Daily Mail report, the cost of petrol before tax in the UK is just 32.4 pence per litre. The majority of the difference between that figure and what you pay at the pump is due to VAT and fuel duty.
Surprisingly, there’s even been talk of fuel duty being raised in the wake of oil price reductions, but hopefully this won’t come to fruition in the run-up to an election. On the contrary, both The RAC and FairFuel UK are currently campaigning for a reduction in fuel duty in advance of the forthcoming UK budget.
The reality of what fuel really costs before taxes are added on make the government’s vocal calls for retailers to pass on oil price savings seem rather hypocritical. As Stephen Glaister, the RAC Foundation’s director rightly says, the person with the “biggest influence” on what we really pay is Chancellor George Osborne. It’s therefore no surprise that he attempts to deflect attention elsewhere.