A recent study by VoucherBuddy.co.uk a leading voucher code directory in the UK, reveals that the biggest worry for UK householders is the uncertainty regarding the UK economy and inflation rising out of control similar to the heights of the late 80’s early 90’s, when the last conservative government was in office. One of the leading concerns is the seemingly meteoritic rise in the cost of fuel at the pumps.
Even though in 2007 – 08 the price per barrel smashed the $125 mark, the cost per litre never went beyond 110p. Today the price of oil stands at around $89 per barrel but the prices at the pumps continue to rise; the average price for a litre of diesel is 133p and unleaded petrol 128p why is this? The main issue is VAT and fuel duty increases which have helped to push up monthly petrol prices this year.
Petrol prices move closely but not entirely with the price of oil which is priced in dollars. Changes in the exchange rate affect the price of oil in the UK. The pound is relatively weak against the dollar which pushes up the price of petrol at the pump. In 2008 £1 bought you around $2, at the current exchange rate the most you would get right now is $1.5.
Fuel tax is by far the biggest contributor to high fuel prices, fuel tax is added to the price of petrol at the pump, then the Vat element is added to the total cost including the fuel tax, meaning you actually pay tax on the tax you pay to buy fuel, the taxman takes his cut twice over. The recent rise in the rate of Vat has been a double blow, it’s a no win situation for the consumer.
The only way to help is to save money in other areas, saving on your shopping is an obvious option with it being one of the biggest spends in the family expenditure. Try seeking out voucher codes for use online and in-store, and save up to 80% in the process. Using shopping vouchers to reduce your spend can counteract the cost of the fuel prices and lessen the blow to overstretched family budgets.
VoucherBuddy.co.uk seeks out all the latest money saving offers from a huge range of leading retailers, all updated daily. Designed to help consumers save money both online and in-store, VoucherBuddy.co.uk is one of the largest providers of money saving discounts in the UK.
For more information visit VoucherBuddy.co.uk.