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'.
In order to address budget constraints, increases were postponed for several years. In 2011, amidst soaring oil prices, George Osborne lowered the tax rate by one penny, increased the Petroleum Revenue Tax on North Sea oil companies to raise an additional £2 billion, and introduced a 'fuel price stabilizer' in place of the escalator.