Rishi Sunak could slash fuel duty in the Budget this week as petrol prices soar to record highs

CHANCELLOR Rishi Sunak could slash fuel duty in the Budget this week as prices at the petrol pumps soar to record highs.

In an effort to stop filling up cars from being “prohibitively expensive”, he is expected to unveil the cost cutting action this Wednesday.

The Chancellor could temporarily cut fuel duty by as much as 5p per litre.

The Russian invasion of Ukraine has already pushed fuel prices to record highs amid concerns about oil supply.

It is hitting motorists at the pumps, and has brought the average cost of filling up a family car to an eye-watering £90.

Drivers already pay 57.95p a litre in tax on their fuel – which has been frozen in recent years.

Fuel duty and VAT make up 52% of the cost of petrol, so a cut announced in this week's Budget could make a dent in helping offset the overall rise in costs.

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