DRIVERS are being hit with a “petrol premium” with some of the highest fuel duty rates across Europe, campaigners say.
Cutting the levy to the EU average for petrol and diesel permanently would create £18 billion of additional growth to the economy, campaigners say.
Businesses would have lower costs which would mean higher profits which are distributed to workers through higher salaries.
The UK has the eighth highest petrol duty and the joint highest diesel duty in Europe at 53p a litre, analysis shows.
“The temporary 5p cut does little to level the playing field, but slashing fuel duty down to European levels could boost the British economy.
“The new chancellor should extend the temporary relief until the cost of living crisis has passed, and consider a proper permanent cut to help with the drive towards growth.”
Russia slashing its crude oil exports has meant there’s a lack of supply coming into the continent and wholesale prices have been driven up.