The European Commission raided the offices of BP and Shell today on suspicion of collusion to inflate oil prices.
Not surprising news as multinational companies have been under scrutiny since the 1970's when pharmaceutical companies first came under scrutiny for transfer pricing across countries.
However, this news shouldn't divert us from the knowledge that the UK is the Fuel Duty capital of Europe! see the chart here.
UK - 69p duty per litre at the pump
UK Fuel duty is currently 57.95p per litre and with vat, this is a staggering 69.54p per litre at the pump.
According to the Office for National Statistics, fuel transport costs average £75.10 per week per family, so 60% of that, £2343, goes straight to the Exchequer at No 11.
This easy calculator will assess your contribution to the Exchequer.
US comparison - 8p duty per litre at the pump
Consider the U.S. where the pump price of petrol (gas) is considerably cheaper ... $3.61 per US gallon.
- Pump price comparison - US 61p ; UK £1.32
- Duty US 8p ; UK 69p
- Duty comparison US 13.7% ; UK 53%
In 2011-12 financial year, the UK Treasury received £26.8bn from fuel duty, a near trebling of the £9.63bn fuel duty received in 1990-91.
The fuel duty takings peaked in 2010-2011 at £27.26bn, but were lower in 2011-2012 because 527 million fewer litres of petrol and diesel were sold, as individuals and companies chose to drive less.
Although proposed fuel duty increases have been cancelled, show YOUR support for a significant cut in Fuel Duty to stimulate the economy!
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