UK pre-tax fuel differential
UK PRE-TAX FUEL DIFFERENTIAL
UK road fuels duty and VAT receipts 0.0 0.2 0.4 0.6 0.8 1.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Crude Diesel Petrol £/L Source: DESNZ
Pre-rax diesel and petrol prices increased by 72% and 61% respectively yoy, while the price of crude increased by 59% in 2022. These high yoy changes occurred following the global energy crisis initiated by the Russian invasion of Ukraine.
UK ROAD FUELS DUTY AND VAT RECEIPTS
Billion £
Duty
VAT
Despite the fuel duty discount of 5p per litre (6.64% reduction) in March 2022, total tax receipts in 2022 were at their highest ever and surpassed pre- pandemic levels due to a surge in VAT revenue of 28.5% yoy, resulting from high product prices.
20 30 40 50
0 10
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 10-Yr Avg
Source: DESNZ
39
Fuels Statistics 2023
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