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Possible fuel duty concession in the Budget

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The Chancellor, George Osborne has hinted that he may be willing to review the imminent rise in fuel duty.

With the Budget due to be announced on 23 March, Mr Osborne, speaking after an ‘on the road’ cabinet meeting in Derby, suggested that he may use his annual statement to take action on petrol prices.

He said: “I am looking, of course, at fuel duty, particularly this increase in duty that the last Labour government planned for April.

“I understand how families are hit hard by the rising cost of oil around the world, caused in part by the Libyan crisis, and I am seeing what I can do to help – but I can’t make any promises.”

With crude oil hitting new heights, petrol prices are nudging the £1.40p a litre level.

The hike in fuel costs is helping to keep inflation high too.

Business and motoring groups have been pressurising the Chancellor to scrap the planned fuel duty rise.