 Increases were deferred for a number of budgets and then in 2011, at a time of rapidly increasing oil prices, George Osborne cut 1p from the tax, increased the Petroleum Revenue Tax to raise at additional £2bn from North Sea oil firms, and announced that the escalator would be replaced with a 'fuel price stabiliser'.but would rise if oil prices fell below $75 per barrel.In the 2011 budget the Chancellor had also announced a rise of 1p in January 2012 and then 5p in August 2013, but later cancelled the 1p rise and reduced the 5p August rise to 3p in November 2012.