FairFuelUK has called on the Government again to cut Fuel Duty, implement PumpWatch and prevent panic buying at the forecourts as fuel pump prices get set to soar.
The rocketing acceleration in the price of crude oil is due, in part, to the Russian invasion of Ukraine. Campaigners say this must wake up the Treasury and the whole Government to stop adding to the monetary pain of the record high filling up prices at the pumps.
Fuel experts are predicting petrol and diesel prices could rise to over £1.70 per litre causing even more problems for families and businesses struggling with the cost of living crisis.
FairFuelUK have also called for the Government to assure the public there is no need for panic buying at the pumps. The Government are being urged to remind the fuel supply chain they have a moral and commercial duty to ensure that all forecourts are supplied with petrol and diesel to ensure any panic buying is avoided. This means making sure they keep up with demand and supply bulk fuel at fair and honest prices too.
Howard Cox, FairFuelUK's founder, said: "Every single aspect of our economy is influenced by the price of oil. Despite back below $100 on Feb 25th, Brent Oil is still predicted to hit over $110 per barrel. So, the most important help for voters from the Treasury, is to CUT FUEL DUTY. That is the most sensible fiscal move in the lead up to the Chancellor’s Spring Financial Statement.
"The Treasury knows full well, petrol and especially diesel prices at the pumps, critically affect inflation, logistics, business viability, jobs, and GDP. As a nation that continues to tax drivers at the highest levels anywhere in the world, its time, way past time, the Chancellor returned some of the incredible huge VAT double taxation windfall from the last year’s high pump prices, to drivers in the form of a 5p cut in Fuel Duty.”
Cox went on to add: "It’s perfect storm for the already fat wallets of hedge fund managers and the faceless fuel supply chain businesses to take advantage of a catastrophic geo-political life threatening event. Oil will continue to rise, unchecked and unnecessarily so. Credible Indications put £1.60 as an immediate hit to the retail price of petrol in coming weeks, and long term, say 2 to 3 months, I see £1.70 to £1.80 as more than likely as the greedy fuel supply businesses continue to go unchecked. Cutting Fuel Duty is vital in helping reduce the cost of living! And implementing PumpWatch is the least Rishi Sunak can do, to make future pump pricing transparent, fair and honest."