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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/balls-demands-petrol-vat-abolition.jpg"><img class="alignnone size-full" title="Ed Balls has called on the Government to reverse soaring fuel prices by abolishing the recent VAT rise in petrol" src="http://londonglossy.com/wp-content/uploads/2011/02/min-balls-demands-petrol-vat-abolition.jpg" alt="Ed Balls has called on the Government to reverse soaring fuel prices by abolishing the recent VAT rise in petrol"/></a></p>
<p>Ed Balls has called on the Government to reverse soaring fuel prices by abolishing the recent VAT rise in petrol.</p>
<p>In an interview with The Sunday Times, the shadow chancellor said the move would save 3p a litre and help the millions of middle-income families facing a &#8220;cost-of-living crisis&#8221;.</p>
<p>Calling for immediate action, he said: &#8220;Filling up a family car now costs £65-£75. World oil prices are already very high, and the Chancellor has chosen, at this very moment, to raise fuel prices further, by pushing up VAT. I am urging him to reverse that increase.&#8221;</p>
<p>The price of petrol is rising at the highest rate for 10 years, with some retailers already charging in excess of £1.40 a litre.</p>
<p>The crisis in North Africa and the Middle East has led to spiralling oil prices, which petrol retailers predict will filter down to the forecourts in the coming weeks. A 1p rise in fuel duty is also planned for the end of the month.</p>
<p>Experts believe the two factors could lead to an estimated 5p per litre increase by April 1.</p>
<p>Mr Balls claimed the Chancellor has no excuse not to ease the misery for motorists and warned that public anger could escalate &#8220;very quickly&#8221; if he refuses.</p>
<p>He continued: &#8220;Osborne will say that he can&#8217;t make these sorts of decisions outside the Budget, but he recently announced a new bank tax at 7.22am on the (BBC Radio 4) Today programme. If he can have a mini-budget for banks, he can have a mini-budget for motorists.&#8221;</p>
<p>Mr Balls did, however, acknowledge that the Government does not have total control over fuel prices, which are determined by world oil supply and international futures markets.</p>
<p>The Treasury said ministers were &#8220;actively examining every option&#8221; to relieve the burden on motorists.</p>
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