We look at how much tax makes up the cost of a litre of fuel in the UK - and how this compares to other countries.
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When you fill up at the local petrol station, do you think you’re paying directly for the petrol and retailer profits? Think again. Government-imposed fuel taxes actually make up a huge portion of the price at the station.—and Brits have it particularly bad.
One might assume the price we pay for petrol is thanks to huge refiner and retailer profit margins, but that’s not necessarily the case. A breakdown of the cost per litre shows Brits pay most of that money on taxes.
Assuming 132.9p Per Litre of Petrol
Assuming 137.9p Per Litre of Diesel
*According to PetrolPrices.com as at 14 May, 2012.
Motorists in the UK pay the greatest share of taxes in fuel price. Nearly 60 percent of the price at the corner station is taxes. Compare that to Cyprus, where just 41 percent of the price of a litre is taxes.
* Figures represent the total taxation share in end consumer price of Euro-Super 95 and diesel oil as at 23 April, 2012.
Outside of Europe, fuel taxes vary even more. According to OECD data, in 2010 motorists in the U.S. paid 8p per litre in fuel taxes, compared to motorists in the UK, who were paying more than 8 times that amount.
Fuel Taxes Added By Country (£/Litre Petrol)
* Figures represent 2010 most recent data from OECD as at 18 April, 2011.
SOURCES: OECD/EEE, PETROLPRICES.COM, EUROPEAN COMMISSION OIL BULLETIN
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