Spiraling fuel duty must be dealt with
Sinn Féin MLAand chair of the Finance committee, Jennifer McCann, has said all must be done to cap, and indeed reduce, the spiraling effects of the taxation on fuel prices at the pumps.
Speaking today Ms McCann said:
“The level of taxation on petrol and diesel cannot be justified in today's economic climate and is a lazy and unimaginative quick fix by the British government in an attempt to address their budget deficits.
“Before we even add VAT of an addition 20% onto the price 58.9p is taken straight to taxation and this is set to rise again on the 1st of April by another penny.
“This is a regressive form of taxation that will in no way aid economic recovery. It is hitting people and businesses across the board.The over reliance on this duty will retard economic growth.
“If for example we just take the delivery section, the costs of transporting goods will increase and therefore those costs may very well be passed on to the consumer whether it be in supermarkets, local shops or at building trade suppliers.
“The high cost of fuel will also have a further impact on those who live in rural areas as they depend more on their cars for travel and access to work.”
“The real fear however though is that fuel costs are now at their highest levels despite the price per barrel on the world market having reduced over time. If, as we saw just over a year ago, the world price of a barrel of oil reaches the high that it did in 2009/2010 the cost at the pumps will spiral further putting it well beyond what people and business can afford.
“The Tory led government must surely realise this and re-examine their shortsighted policy. If we want to see economic recovery, and not force people out of business or into further hardship, these taxation levels must be reduced.”