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Are oil prices on a slippery slope?

Regardless of the chancellor's decision to scrap a scheduled 3p fuel duty rise, UK motorists are already probably accustomed to the idea of paying upwards of 130p for a litre of unleaded. Everyone accepts that the lion's share of the cash generated on the nation's forecourts is destined for HM Treasury - around 64 per cent including VAT - but with public finances at such a low ebb, George Osborne is faced with the dilemma of having to wring as much fuel duty out of us as possible, without imperilling growth in the wider economy. It's obviously a tough balancing act, but one is drawn to the conclusion that the decision to put the kibosh on the duty rise is another case of 'too little, too late'.

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By Mark Robinson,
21 December 2012

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