As expected, fuel duty rates were frozen for another year for 2022/23. This is forecast to cost the Treasury £1.5 billion from next year to £1.6 billion by 2026/27 but that is only compared to the position if rates had risen.
With the overall cost of fuel rising, however, fuel duty revenues are likely to increase significantly. As the price at the pumps goes up the tax take will increase for the Government.