Autumn Budget 2024 – Fuel Duty rates
In the Autumn Budget, the Chancellor had been widely expected to increase fuel duty rates. However, in a surprise announcement she extended the fuel duty cut for a further 12 months to help support households and businesses. A tax cut estimated to be worth £3 billion.
The government was facing considerable pressure from consumer and business groups to try and alleviate the pain of high fuel prices. This means that the temporary cut in the rates of fuel duty introduced at Spring Statement in March 2022, and extended multiple times is to be extended for a further 12 months until 22 March 2026.
The assumed inflation increases in fuel duty will not now take place. This will maintain fuel duty rates at current levels for another year and represents a reduction of around 7p per litre for main petrol and diesel rates in comparison to previous plans.
