Extra Fuel Taxes help required please

[dave9]

OK so we know the following 'extra taxes' are coming

0.76p fuel duty on 1 january 2011
VAT increase on 4 January 2011
1p plus inflation fuel duty rise April 2011.

Now, this 1p plus inflation is based on RPI and it is currently 4.7% but with the vat rise etc I think RPI may be 6% in April 2011. So, does the 1p plus inflation fuel duty rise mean the following:

1p plus 6% inflation is 7p per litre fuel duty rise. Then we have VAT on fuel duty so 7p plus 20% = 8.4 pence per litre.

Or, is it worked out differently as I can't figure out what 1p plus inflation means?!

Help appreciated.

The way I look at this is that if its the case we will have another 12p per litre ish on fuel by April 2011 so M6's etc should be very cheap metal.

[dave9]

anyone got any info on this? thanks

[Soovy]

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

[dave9]

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

cheers but how does the fuel duty escalator work

[Soovy]

Your workings look right to me. Probably about 8p per litre in the coming weeks, plus a bit extra added by the retailers while we're not looking.

Bank on 10p a litre by mid Jan

[dave9]

thanks soovy.

if inflation pops its head up which it already has then aprils fuel duty will be a smacker!!

[frosted]

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

I think your wrong there, it will go down

[Soovy]

frosted said:

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

I think your wrong there, it will go down

Fuel prices go DOWN?

[LeoSayer]

Soovy said:

We're betting on 170p by end of the year, at least.

£7.70 a gallon.

Or £120 to fill up either of my cars. Both of which get around 20mpg.

I remember my parents saying they might have to give up the car if petrol goes above £1 a gallon.

[BeeRoad]

Soovy said:

frosted said:

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

I think your wrong there, it will go down

Fuel prices go DOWN?

I was paying up to 125p for SUL in March 2008 and 90p in December 2008 IIRC.

[frosted]

Soovy said:

frosted said:

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

I think your wrong there, it will go down

Fuel prices go DOWN?

Well , I am ready to have a £20 bet that by march they will be under £1.10

[tyranical]

Agreed tbh I think they will go down again next year. I don't think we'll ever see them down to the 80p a litre but i think around £1-£1.10 is realistic.

[dave9]

surely you guys are taking the mick?! how on earth can they go down when we have 0.76p fuel duty 1st jan, vat increase 4th jan, fuel duty rise in april and oil is only $94 per barrel but climbing every day?

gotta be 6p per litre by end january and by april another 7p per litre due to fuel duty but i think this will be revised down

[CraigyMc]

dave9 said:

surely you guys are taking the mick?! how on earth can they go down when we have 0.76p fuel duty 1st jan, vat increase 4th jan, fuel duty rise in april and oil is only $94 per barrel but climbing every day?

gotta be 6p per litre by end january and by april another 7p per litre due to fuel duty but i think this will be revised down

oil was a hell of a lot more than that per barrel not too long ago.

Graph: http://www.inflationdata.com/inflation/images/char...

[Sam.F]

Even our government wouldn't be so foolish as to even think about adding 7p a litre onto fuel duty in one go - it would not be a politically clever idea.

[Soovy]

Sam.F said:

Even our government wouldn't be so foolish as to even think about adding 7p a litre onto fuel duty in one go - it would not be a politically clever idea.

Do you think they give a fook about you?

[frosted]

Soovy said:

Sam.F said:

Even our government wouldn't be so foolish as to even think about adding 7p a litre onto fuel duty in one go - it would not be a politically clever idea.

Do you think they give a fook about you?

If china can't sell their tat to US and Europe demand will go south quickly , if you care to look at some of the headlines from across the pond you will see that confidence is taking a beating over there . China can't keep its currency low so that has a big effect on their production .

Of course I may well be wrong , I'm not very intelligent either

Edited by frosted on Wednesday 29th December 17:36

[Pork]

Soovy said:

Sam.F said:

Even our government wouldn't be so foolish as to even think about adding 7p a litre onto fuel duty in one go - it would not be a politically clever idea.

Do you think they give a fook about you?

LOL! Soovy, politics needs someone like you! They all think that, but no one ever says it!

[zcacogp]

frosted said:

Soovy said:

frosted said:

Soovy said:

We're betting on 170p by end of the year, at least.

It's only ever going up up up from now onwards.

I think your wrong there, it will go down

Fuel prices go DOWN?

Well , I am ready to have a £20 bet that by march they will be under £1.10

Sounds like a safe £20 to me.

I'll bet. How do you want to arrange it?


Oli.

[Jasandjules]

Well if they hold good on the fuel tax follower they were promising, then perhaps tax will reduce overall if oil increases...

But then again, pigs might fly.