Abstract
UK petrol retail prices have been changing owing to different reasons, including changes in any of the four major components – fuel duty, the product (in connection with crude oil prices), VAT and the retailers' or delivery profit and the weaker pound sterling. However, this does not change the fact that the taxes on fuels, including fuel duties and the VATs account for over 50% of the retail price, one of the highest in the EU, which are not only one of the major sources of government revenue but also helps to protect the environment by discouraging drivers from using their cars. Therefore, it may also have a strong implication for the Chinese government, especially in its efforts to tackle traffic congestions, streamline the toll way charge systems and to control the PM2.5 pollutants while still struggling to stabilise its revenue from taxes/fuel duties.
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