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A CAMPAIGN TO stabilise fuel prices by linking them to
Page 12
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Treasury tax revenues could backfire on hauliers, according to warnings from the Freight Transport Association.
The plan for a road fuel regulator is being promoted by the Scottish National Party (SNP) with backing from the Road Haulage Association.
It would ensure that the extra money pouring into the Exchequer from oil price rises is ploughed back into reducing fuel duties.
The SNP's leader Alex Salmond says: "This proposal offers protection from sudden and unexpected oil price spikes causing unplanned increases in fuel costs."
But the FTA has written to Salmond, warning that if the idea had been adopted in 2001 hauliers would now be paying 50p/lit in fuel duty rather than the current 47.1p/lit.
FTA chief economist Simon Chapman explains: "The price of oil has gone up since then but not enough to give the Chancellor his inflation-proofed increase in tax revenues.
-The only way he could get that would be to increase fuel duty more," he says.
S almond hopes to establish the regulator as an amendment to the Finance Bill following forthcoming Budget on 16 March.