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Swings and roundabouts effect of falling petrol price

by isleofman.com 27th January 2015
The falling price of road fuel is offering hard-pressed Island drivers some welcome relief, with pump prices at a six year low.
Although fuel is still more expensive here than in the UK - where supermarkets are selling unleaded at just under 104p per litre - the average family is estimated to be saving around ?200 per year at current prices.
But what effect is that having on income to the Treasury - which collects excise duty and VAT on every litre of fuel consumed in the Island?
Minister Eddie Teare says Treasury's reduced income from the pumps won't blow a hole in government budgets.
He says the price drop could be cost-neutral for the Manx economy, if residents spend the money they've saved in the local economy:
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Posted by isleofman.com
Tuesday 27th, January 2015 07:22pm.

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