PETROL PRICE RISE THE LAST THING STRUGGLING UK ECONOMY NEEDS
FUEL DUTY REGULATOR ONLY WAY TO STABILISE FUEL PRICES IN LONG TERM
The SNP has reiterated its call on the UK Government to introduce a fuel duty regulator, after speculation mounted that the price of petrol is set to increase by up to 4p a litre over the next few days.
The Petrol Retailers’ Association have today said that a sharp increase in wholesale fuel prices since December – which they blamed on ‘speculation’ by wholesale traders – was set to further rise over the next few days, which would be passed on to consumers.
However, retailers have themselves have come under fire for failing to pass on previous falls in wholesale prices to consumers, and the Office of Fair Trading is due to release a review into the issue shortly.
A fuel duty regulator – which sees fuel duty cut as prices (and therefore VAT receipts) rise – is the most effective way of stabilising prices at the pumps in a highly volatile market. However, successive Labour and Tory Governments have refused to implement the proposals.
Commenting, SNP Transport Spokesperson Angus MacNeil MP said:
“At a time when the economy is teetering on the brink of a triple-dip recession, we simply cannot afford to be putting an extra financial burden on businesses and consumers.
“The fuel duty regulator is a simple, effective way to ensure prices remain stable and give confidence to those whose livelihoods depend on this
“The Tories have repeatedly voted against SNP attempts to rein in fuel prices and as long as we’re at the mercy of a disinterested Westminster Government, this roulette wheel will continue.
“The fact that a country as oil-rich as Scotland suffers from some of the highest fuel taxes in the EU says it all about Westminster’s attitude to this crucial issue. That’s why it would be far better for Scotland to decide these issues for ourselves.”