Stephen Metcalfe Backs Fairer Fuel Pricing

The Conservatives have promised a radical reform of fuel duty that would give an immediate cut of 5 pence a litre on the price of petrol at current rates. Under plans unveiled this week duty on fuel would be lowered when oil prices are high and raised when they fall to give a fairer deal to motorists.

Stephen Metcalfe, Prospective Conservative MP for South Basildon & East Thurrock has fully backed the plans saying: “This will help families when the cost of living is rising and also reduce the inflationary impact on the economy from fluctuations in the international oil price.”

“If a Fair Fuel Stabaliser had been introduced at the 2008 Budget, fuel would now be 5 pence per litre cheaper, shaving £3.50 off a tank of fuel for a Ford Mondeo. If it had been in operation for the last year, it would have saved the average household more than £90 in fuel costs at a time when family finances have been under pressure.”

Mr Metcalfe added: “Government revenue would remain the same, as it would be financed by the higher tax take resulting from soaring oil prices currently kept by the Treasury. The Treasury would take less tax on fuel when oil prices rose, but claw back cash when prices fell.”