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Urgent action needed to tackle petrol and diesel prices -Flanagan

7 February, 2012 - by Phil Flanagan

Sinn Féin Enterprise Spokesperson, Phil Flanagan MLA (Fermanagh & South Tyrone) has said that urgent action is needed to tackle the soaring price of petrol and diesel.

Mr Flanagan said:

“The latest report from the Consumer Council identifies the north of Ireland as the most expensive place in Europe to purchase petrol or diesel.

“This is a further indictment of the British government's failure to introduce fuel price stablising measures. Over 70% of the cost of petrol and diesel consists of Excise Duty and VAT, therefore as prices increase so too does the British Exchequer's tax take. The British Government needs to take action to minimise the effects of increasing oil prices by freezing or reducing the level of taxes applied to petrol and diesel.

“Action also needs to be taken to ensure that when the world price of crude oil falls that the reduction is passed on to consumers as rapidly as increases are imposed.

“It must be recognised that increased fuel prices not only affects motorists but has a knock-on affect on transport and business costs which are inevitably passed on to consumers in the form of increased price of goods and services.”

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