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Finance Bill

Volume 405: debated on Tuesday 20 May 2003

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To ask the Chancellor of the Exchequer what his policy is on the level of price for a barrel of oil at which he would not introduce on 1 October the annual valorisation of petrol prices set out in Clause 4 of the Finance Bill. [114771]

In his Budget Speech of 9 April 2003, my right hon. Friend, the Chancellor stated that he was deferring the annual revalorisation of fuel duties until 1 October 2003

"owing to the recent high and volatile level of oil prices as a result of military conflict in Iraq".
He also said
"if the current international uncertainties and volatility remain, I will not proceed with the change at all".
[Official Report, 9 April 2003, col. 278,]