The Impact of the Fuel Duty Reduction
The 5p per litre cut on fuel duty has had a significant impact on the UK’s fuel prices. With the reduction, the cost of fuel has decreased, making it more affordable for drivers to fill up their tanks. • The reduction in fuel duty has led to a decrease in fuel prices, with the average price of petrol falling by 10% and the average price of diesel falling by 12% since the cut was implemented.
The government has announced that vehicle excise duty for electric car owners will increase from £10 to £195 from April 1.
Electric vehicles (EVs) with a price tag over £40,000 will be subject to the £425 Expensive Car Supplement, often referred to as the luxury car tax.
Vehicles emitting between 50g/km and 75g/km will see a tax increase from £10 to £130.