This caught my eye when I was reading the news this morning. We all know about fuel duty etc., but the numbers are quite surprising – let me share with you my example based on the EU/US data from 1st February 2016.
The fuel tank in my car holds 80 litres. At the moment that costs me about £80 to fill if it’s completely empty. That means:
- I pay on average £0.67p more than pretty much anywhere else in the world to fill my tank
- If there was no fuel duty, the cost to fill my tank would be £20.80 – in other words, 74% of what I currently pay is tax
- In Venezuela the cost to fill my tank would be just £0.42p (which is to be frank, is a bit extreme but you get the picture)
So, even though fuel is just about as cheap as it’s been for many years, and I suspect we are all pretty happy with that, are we still paying too much ?