PUMPWATCH: Fuel campaigners call for watchdog introduction to stop pump prices spiralling
Pump prices in the UK should be at least 10p per litre cheaper than they currently are, according to FairFuelUK who are calling for the Competition and Markets Authority to investigate alleged unchecked profiteering in the fuel supply chain.
As of 20 December, major developed international markets averaged 25p cheaper than the UK for petrol and 35p per litre cheaper for diesel.
An average family car in the UK is paying up to £16 more than the average appearing in the list of developed markets.
In the New Year FairFuelUK is to start up a petition calling on the Government to introduce PumpWatch.
FairFuelUK proposes that UK Fuel forecourts should publicly display a PumpWatch mark that shows they adjust pump filling up costs fairly, transparently, and timely to reflect global oil price changes and dollar to sterling exchange rates accurately and honestly. To qualify for a PumpWatch Kite Mark would be based on regular scrutiny and spot checks.
Campaigners argue that no matter what happens the Fuel Duty Tax take will remain at 57.95p per litre, so, the Government will not lose out on fuel tax revenue. Drivers and consumers would spend more too, so VAT and corporation tax would increase as a consequence.
Howard Cox, Founder of FairFuelUK, said: "Boris and Rishi's head in the sand economic management of the fuel supply chain's unchecked opportunistic profiteering, beggars belief.
“The huge amount of VAT being generated by the eye watering pump prices, is great for the Treasury, but, these greedy rip off prices are crippling low income families, small business and are accelerating the rise in inflation.
“It is in the Prime Minister and Chancellor's hands to order a CMA enquiry, introduce PumpWatch, stimulate consumer spending and help disillusioned voters.
“Why are they ignoring this popular fiscal cry from the majority of the public and businesses? Boris, please get rid of your biased ill-informed green metropolitan advisors and restore confidence in this Tory administration by listening to UK's 37m drivers. Deep down, I know you realise this makes sense!”
