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Office for National Statistics (ONS) has revealed figures highlighting that in the past ten year, there have been fall in the revenue of the Government coming from petrol sales. According to the figures, the shares of government in the sales as fallen to 62% which was at 81%, ten years back.
The ONS has reported that the government has witnessed a fall in its hares as it didn’t hike the petrol prices in accordance with hikes in petrol duty. No matter what reasons are being cited by the ONS for fall in the shears of the government, there is no doubt that the prices of petrol has touch the sky, this years.
The fuel costs about 75p per liter, while the cost of fuel duty and VAT stands for 57.95p and 57.95p respectively. It is believed that if the VAT is removed then the prices of fuel could fall to 53p.
It has come to light that a large number of the UK families are spending £677 on fuel or petrol duty in 2009-2010. However, ten years back, the residents were paying just £365 for petrol duty. According to the statistics, lower income group families are spending more than their income.
About 20% of the lower income group households pay 3.5% of their disposable income of petrol duty while 20% of rich are paying just 1.8% of their income. It means that the hike in petrol duty is directly impacting the lower income groups.
Chancellor George Osborne has received appeals from many organizations in regard of bringing change in the fuel duty system. As the fuel duty is surging dramatically, there is high possibly of poor motorist of losing mobility. However, it has been reported that the government is planning to raise petrol duty from next year’s budget.