Government urged to act now on UK pump price profiteering

Fuel campaigners are demanding the Government end the ‘perennial profiteering’ of the world’s highest taxed drivers as the price of fuel drop fails to fall inline with the recent dip in wholesale prices.

Oil prices have dropped nearly 10% in just a few days, with Brent hitting $75 per barrel yesterday. Concerns that a recovery in fuel demand could be derailed by a rise in the pace of coronavirus infections around the world is being seen as a contributing factor to the oil fall.

In the last week it is reported wholesale prices have fallen by 4p, yet in the same period petrol and diesel prices have risen by 3 to 5p per litre. For a driver of a family car they are being forced to pay roughly an extra £4 per tank, every time they fill up.

Howard Cox, FairFuelUK Founder, said: "The fuel supply chain has a moral duty to pass on recent lower wholesale costs to motorists, fairly and truthfully.

"So, will the fuel supply chain pass on wholesale falls to UK’s drivers? I doubt it! Mainly because analysts’ forecasts show the next 12 months will see oil hovering around $80 per barrel. And that prediction will allow oil companies and wholesalers free reign to keep retail prices high.

"They must end their shameless unchecked greed and perennial profiteering of the world’s highest taxed drivers. Pump prices should be 4p to 6p lower now. For decades the fuel supply chain, notably a few wholesalers have ripped off drivers at will. If the leader of the free world now suspects foul play with US pump prices, our Government, wallowing in the billions of extra VAT because of eye watering filling up costs, must follow Joe Biden’s lead and scrutinise the same opaque pump pricing processes here in Blighty.”