Fuel Duty cut extended

In the Spring Budget the Chancellor extended the 5p fuel duty cut for a further 12 months to help support households and businesses at a time of high oil prices. This cut came into effect on 23 March 2024 and will last until 22 March 2025.

The temporary cut in fuel duty was first introduced in March 2022 to combat high fuel prices after global supply chain issues following the pandemic, as well as Russia’s invasion of Ukraine. This latest extension takes effect as the government continues to try and support motorists with rising costs.

HM Treasury says that this new fuel duty cut will save car drivers around £50 this year and £250 since the 5p cut was first introduced.

The Energy Security Secretary said:

We will always stand by UK drivers and today’s fuel duty cut is just one of the ways we are keeping costs down for families. Our plans for a new Pumpwatch will make sure motorists are getting a fair price at the pump.

The proposed new Pumpwatch scheme is expected to let the UK’s 41.2 million drivers get the latest petrol station prices at the click of a button, transforming how the UK shops for its fuel. Under the plans, all fuel stations would be legally required to share live information on their pump prices within 30 minutes of any change in price subject to the outcome of the government’s consultation. This could save motorists up to 3p per litre on fuel.