Garage forecourts should NOT be charging more than £1.65p per litre for Petrol or higher than £1.75p for Diesel says campaign group FairFuelUK.
Campaigners say that since 2016 and up until the coronavirus lockdown years, the average wholesale price difference to pump prices was traditionally 10 to 12p per litre. Since 2019 that yearly average has nearly doubled with recorded profits up at around 18p to 21p per litre.
Current retail margins, recorded for 20 July, have hit an astonishing 35p per litre for both fuel types. That’s up to nearly £20 profit per average family car.
Howard Cox, FairFuelUK's Founder, said: "As oil prices have rocketed since 2020, the fuel supply chain has exploited drivers by doubling their profits through record pump pricing. They are directly responsible for making the cost of living crisis even worse.
“I call on the Government, once and for all to punish the opportunistic profiteering in the fuel supply chain. This simply cant go on. The CMA (Competition and Markets Authority) seem in total dereliction of their core duty in not punishing the fuel supply chain's lack of competition, exploiting global oil price instability, and blatant unchecked profiteering.
“It is clear, mine and MP Robert Halfon’s call for a pump pricing regulator, we call PumpWatch, is way past overdue. The New Prime Minister must make this a priority, in order to reduce inflation and the cost-of-living crisis.”