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2024 Fuel Budget... The honest opinion.

2024 Fuel Budget... The honest opinion.

Fuel Duty FROZEN, Every Headline for 2024 Budget
As you may have seen, Fuel Duty Frozen for another 12 months...

The Chancellor of the Exchequer, Rt Hon Jeremy Hunt said in Parliament 6th March 2024:
“If I did nothing, Fuel Duty would increase by 13% this month. I have decided to maintain the 5p cut and freeze fuel duty for another 12 months” well that’s his words and as usual with any politician, they are a weaselly as they could be!

“This will save the average car driver £50 next year and bring total savings since the 5p cut was introduced to £250 pounds.”, again says he, but that is tricky to quantify for who is the average motorist?

In my view, the Chancellor says the public will be better off, but this is is only relevant to the Road Fuel Duty part, he cannot predict where the oil/fuel market is heading on a global scale. If you’ve followed our past Blogs or are already a customer of ours, you’ll know we help advise our customers and how the fuel industry works, how and why commercial prices are different to pump prices.

We receive Oil Market information and on the 6th March we received the following information, which we (The Fuelcard Centre Ltd) are happy to share with you...
“The overall tone on oil markets remains bearish with the latest loading schedules for the North Sea adding to the negative sentiment. North Sea crude oil supply is set to rise sharply in April.”

Basically, if suppliers who buy fuel for the UK at the end of trading, buy at the right time to coincide with the fuel duty freeze, then we as suppliers and the public might get a respite from the rising prices.

Also please remember even though these ‘budget cuts’ have been published, your local garage owners or fuel suppliers have already bought their fuel for the next week, and possibly for the next few weeks, they don’t want to make a loss on what they’ve bought, it could still be some time before anything is noticeable.  Whereas our prices follow the market every Friday for the following week!

Please see one of our first blogs which explains Pump Price verses commercial prices.

Fuelcard Frankie
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