Marcus Jones MP has welcomed Conservative Chancellor George Osborne’s decision this week to freeze Fuel Duty until the end of the year.

The Government inherited a series of Fuel Duty rises from the last Labour government planned for last year and this year which it has scrapped or delayed. Following recent action in last year’s Budget and Autumn Statement to cut Fuel Duty and scrap Labour’s Fuel Duty ‘escalator’, this week the Conservative Chancellor cancelled Labour’s 3p per litre rise planned for August this year.

Since 2010 Marcus has repeatedly lobbied the Chancellor for action on fuel duty, including this week’s delay, Fuel Duty is now 10p per litre lower than Labour planned.

Whilst welcoming this timely news Marcus is still concerned about the high cost of fuel, and intends to press the Office of Fair Trading over the conduct and practices of the oil companies, as despite a 28% decrease in the price of oil over the last three months pump prices have only reduced by 5% during that period. 

Marcus Jones MP said:

“I am delighted by this news, thanks to the Conservatives in government, Fuel Duty has now been frozen for two years and is 10 pence cheaper than it would have been if Labour were in power.

“This is good news for motorists, families and businesses coping with tight finances.

“ I still think that more can be done by the OFT to probe the pricing practices of the oil companies, and I will continue to push the OFT on that matter. When the oil price goes up the cost at the pump increases immediately and when the oil price reduces it takes far longer for that change, if at all, to happen at the pumps. This is unacceptable.