RE: WINDFALL TAX THE BANKS REEVES ?8 Sep 2024 20:01
Lending
The headline rate on standard petrol and diesel is 52.95 pence per litre, it has been frozen since 2011-12 and it reflects a temporary 5 pence cut introduced in 2022-23 and subsequently extended to 2023-24 and 2024-25. This also applies to biodiesel and bioethanol;
the rate on liquefied petroleum gas is 28.88 pence per kilogram;
the rate on natural gas used as fuel in vehicles (e.g. biogas) is 22.57 pence per kilogram; and
the rate on ‘fuel oil’ burned in a furnace or used for heating is 9.78 pence per litre.
VAT is applied after fuel duty, so, for example, the pump price of a litre of petrol currently reflects the pre-tax price plus 52.95p for fuel duty plus 20 per cent VAT on the pre-tax price and a further 10.59p for VAT at 20 per cent on fuel duty.