Transporting and logistics planning managers are today rejoicing, following the news that chancellor George Osborne has scraped the planned fuel duty increase set for January.
Originally it was planned that the 3.02 pence per litre fuel rise could come into force in the New Year but Mr Osborne yesterday announced that the move will be cancelled as part of a packaged designed to promote growth.
The decision was music to the ears of lobby group FairFuel UK and its supporters as well as the Freight Transport Association (FTA).
In his autumn statement, Mr Osborne also announced that £55 million would be invested into a strategic rail freight network.
Theo de Pencier, chief executive of the FTA, said he welcomed the decision but stated that, in his opinion, the move should have been made years ago.
“He should have ruled out the planned three pence per litre duty rise in August 2012 as, if world oil prices remain high and above $100 per barrel into next year, it will still hit industry hard,” de Pencier said.
Despite no further rises on the horizon, the FTA revealed recently that the cost of diesel has already risen by 13.9 pence per litre in the past 12 months.
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