Fuel Duty Reduction Doesn't Cut It for Majority Of People in the UK

CHESTER, England, March 24, 2011 /PRNewswire/ -- Despite yesterday's announcement of a 1p per litre reduction to fuel duty, 86 per cent of people don't believe this will make a difference to their finances, according to new research from moneysupermarket.com.(1)

Britain's number one comparison site asked users whether 1p off a litre of fuel will make a big difference to their personal finances. Over 7,300 consumers responded in just over 12 hours to voice their opinion. A shocking 86 per cent said the cut won't make any difference to them at all.

Kevin Mountford finance expert at moneysupermarket.com commented: "Yesterday's fuel duty reduction of 1p per litre is a step in the right direction but doesn't go far enough to really make a difference to despairing motorists.  Fuel prices have escalated higher than many people would've expected and UK drivers are desperate to see costs come down to a more affordable level.

"Motorists are all also being hit hard in the wallet by the rising cost of car insurance. Our recent research showed car insurance prices increased by 31 per cent from January 2010 to January this year(2) – or 44p per day, and unfortunately there still aren't signs of increases slowing down.

"Although there is little you can do about the rising cost of fuel, you can take control of some of your motoring costs. Rather than accepting your renewal price on car insurance, shopping around for a better deal will save you money. Consumers switching car insurance through moneysupermarket.com save on average 283 pounds Sterling."

Top tips to reduce the cost of motoring:

• Shop around for car insurance and buy it online - Many car insurance providers offer discounts to customers who buy online.
• Compare petrol/diesel prices - Although the cost of fuel is high everywhere there are still variances between petrol stations, even those that are quite close to each other.
• Drive in the highest gear -You use less petrol when you keep engine revs at low levels, driving in a higher gear helps you do this.
• Don't carry excess weight – having a roof rack or lots of unnecessary items in your car can weigh it down and cause you to use more fuel. Remove anything that you don't need from your car to make it lighter.
• Keep your tyres inflated to the right level. Keeping your tyres pumped up to the correct level can help the fuel economy of your car. If tyres are underinflated they don't run as smoothly and cause you to use more fuel. Air is freely available in many petrol/service stations so check your tyre pressure regularly.
• Don't drive erratically. If you are always accelerating quickly and braking sharply when you drive you use more fuel. Use cruise control if you have it or alternatively aim to drive more smoothly by reading the road ahead and giving your self plenty of time to adjust your speed.
•  Don't overuse the air con or heaters.

Notes to editors:

(1) Weekly Poll:

Thank you for voting.

1p off a litre of fuel – will it make a big difference to your personal finances?

Yes – 9.3%, No – 85.8%, I don't know – 5%.

Total votes: 7371.

(2) The rising cost of car insurance

Over the past year car insurance quotes have increased on average by 31%.  The average moneysupermarket.com quote has gone from 519 pounds to 680 pounds (44p per day). Figure calculated using 21,370,762 enquiries made between 11/01/2010 and 13/01/2011.

For further information, please contact:
Katherine Hobby / Lucy Banks
Lansons Communications
020 7566 9704 / 020 7294 3689
[email protected]

Paul Lawler
PR Manager (Financial Services)
01244 370317
[email protected]

Nicki Parry
PR Officer (Financial Services)
01244 370318
[email protected]

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SOURCE moneysupermarket.com