96% of drivers believe the cost of fuel needs to be lower to make motoring affordable again, a poll by Be Wiser Insurance has shown.
In a poll of 2066 motorists, almost half of respondents said the cost of petrol should be between 80p and £1 per litre, while a fifth said it should be even lower, between 60p and 80p per litre.
The findings of the survey suggests that the majority of drivers will be happy if prices are slashed to under £1 per litre, and some petrol stations across the country have done exactly that.
However, fuel always has been something that people do not want to pay for, and decreases in prices will not necessarily change this.
No matter what the cost of petrol is, drivers will always want it to be lower, not least because nearly two thirds of the cost of petrol is tax.
With fuel duty set at 58p and VAT piling another 22p on top, it’s no wonder motorists are resentful. That’s not even considering that motorists are paying for their fuel out of taxed wages.
While the government has been calling on fuel companies to reduce the price of petrol according to the reduction in oil prices, consumers are still left wondering why the government doesn’t do the same by reducing tax at the pumps.
Mark Bower-Dyke, chairman of Be Wiser Insurance, comments:
“With petrol costs at their lowest in five years, the cuts could have a positive effect on the economy. Motorists who aren’t paying premium at the pump will have extra cash to spend on the high street.”
But it's not all good news, Mark Bower-Dyke continues:
"We all want driving to be more affordable, but a side effect of cheaper fuel and the feeling of a little extra cash in people’s pockets could mean more unnecessary journeys, leading to more congestion on the roads."
Price Hikes To Come
The recent drop in oil prices is due to the availability of fracked oil, with oil companies able to lower prices and savings being passed on to consumers on the forecourt. However, as corporations are not currently investing in oil and reserves are being used up, fuel prices are set to spike again in 2015.