16/07/08 - The Chancellor, Alastair Darling, has just announced that he has frozen the duty applied to fuel for the second time this year. This will be very welcome news to vehicle owners across the country.

Fuel duty was due to increase by 2p per litre in October to reflect the increased price of oil in recent months. Fuel duty is a fixed rate per litre, which means that the amount of tax revenue doesn't go up when prices rise.

Labour has reduced the tax component on pump prices by 17% since 1999. Click HERE to read my full briefing on petrol prices.  

If we had followed the Conservatives idea of the Fuel Duty Escalator, pump prices would be 34p higher today.