New Insurance Rise Unconfirmed
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I-1 A REPORT that vehicle insurance premiums were to rise on and after July I, and that C-licensees in particular were likely to incur substantial increases, could not be confirmed by The Commercial Motor on Tuesday. The trend of opinion of insurance houses was that another advance coming so soon after that of July last would be premature.
FUEL PRICES FALL AGAIN
rr HE cost of petrol and oil fuel fell
this week because of a drop in world prices. The major companies announced that from Tuesday retail prices of petrol would be reduced by Id. a gallon and of oil fuel by Id. Wholesale rates would then be below the pre-Suez level.
There have, now been five price reductions since the Suez crisis. Tuesday's cuts brought dery down to 4s. 21d. a gallon, and petrol prices to between 4s, 2d. and 5s.. depending on the grade.
The British Transport Commission said the reductions would save them £314,000 a year-1250,000 on oil fuel and £64,000 on petrol.
LOWER TAX WOULD COMBAT INFLATION
A REDUCTION in the fuel tax would PA have greater anti-inflationary advantages than keeping the duty at its present high and resented rate. This is stated by Lord Dement, chairman of the British Road Federation. in a letter to the Chancellof of the Exchequer. Lord Derwent asks for an informal meeting with the Chancellor to discuss the matter, and further calls for a cut in purchase tax on commercial vehicles.
N.R.T.F. SEEK TAX CUT
D EDUCT1ONS in fuel tax in the forth11, coming Budget were urged on Mr. J. E. S. Simon, Financial Secretary to the Treasury, by the National Road Transport Federation, on Wednesday. Mr. S. C. Bond, chairman of the Federation, led a deputation.
Discrimination between road and rail in fuel. tax was emphasized and, the cumulative effect of the duty on the prices of goods which were transported by road several times during manufacture was pointed out. It was estimated that the tax added £2m. to the cost of coal moved by road.
Purchase tax on goods-vehicle chassis was condemned as the only known tax on capital plant.