March diesel sales were up by 7.9 per cent, petrol sales up by a surprising 5.6 per cent and overall sales including commercial up by 7.0 per cent versus same month last year. “Latest Government data suggests that increased economic activity and cheaper prices had a significant impact on the demand for fuel in the month to 14 March”, said Brian Madderson, chairman of the Petrol Retailers Association.
“However, much of this increase will have been taken by the big four supermarkets that have been using fuel prices in the increasingly bitter competition for shoppers at their beleaguered out of town mammoth stores.”
These strong sales trends would also reflect an extra trading day of the Leap Year and the relatively weak petrol sales in the same March period last year.
In summary, diesel sales growth for 2016 YTD remains ahead of FY2015 comparisons (5.8 per cent vs 3.2 per cent) with petrol sales decline also favourable YTD at (0.7 per cent) vs FY2015 decline of (2.0 per cent).
For sales to the HMRC year from April 2015 to March 2016 versus same period one year ago the Oil Receipts (duty) from petrol & diesel sales were £466m or 1.7 per cent higher, with diesel sales up by 3.8 per cent, petrol sales down by (1.5 per cent) and overall sales including commercial up by 1.7 per cent .
With these positive tax increases to the Treasury, Madderson said, “it was helpful the chancellor listened to the submissions from industry including PRA and froze duty in the Spring Budget for a further 12 months.”
Category: UK News