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D with fuel duty in the March 2002 Budget. Last
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year, when the Chancellor announced the 3p/lit cut in diesel duty from March 2001, he said that if world oil prices remained high he would freeze fuel duty in the 2002 Budget.
The Chancellor's silence on fuel duty ever since, however, suggests that he is keeping his powder dry.
Since the November 2001 pre-Budget statement crude oil prices have fallen by more than a third, from $30 a barrel to $20 a barrel, as OPEC struggles to rein back production to offset falling demand for oil as world economic growth falters.
However, the continuing war on terrorism in the Middle East means that oil prices remain highly volatile, and prices could go back up again as quickly as they came down.
Fuel provided for company cars
The government is considering restructuring fuel scale charges for company cars in 2003 in line with carbon dioxide emissions. It will consult on detailed proposals soon.
Red diesel
The government has published a paper setting out measures to tackle indirect tax fraud. Measures include:
• New intelligence-led operations tracking duty-rebated supplies from the point of production through the
entire distribution system; • increases in the number of staff combating fuel laundering and smuggling into Northern Ireland from the Republic.
Customs will be consulting on developing this strategy further. Among other issues, Customs will consider • An authorisation scheme for distributors of rebated fuels with tougher obligations on them to improve controls over fuels being sold for rebated use; • Tougher penalties to tackle those engaged tr the supply and use of illicit diesel.
Crean fuels
Last November's pre-Budget statement reaffirms the Chancellor's commitments in the March 2001 Budget to: IN Reduce bio-diesel duty by 20p/lit in the March 2002 Budget; NI Freeze road fuel gas duty until at least 2004.
The government will also consider exempting low-carbon fuel technologies such as hydrogen, landfill gases and methanol, from all duty.