Government are continuing to allow drivers to be fleeced at the pumps say fuel campaigners

The Government are continuing to allow drivers to be fleeced at the pumps say fuel campaigners.

FairFuelUK say between 10 to 20p per litre has not been passed onto drivers at the pumps.

Campaigners argue that inflation could be lowered and economic growth enhanced, if these wholesale falls had been passed onto drivers filling up at the pumps.

Since 1 June petrol prices have dropped just 10% but wholesale prices have fallen much more by 30%. Diesel prices have dropped over the same period 3% but wholesale prices have fallen by over 13%

In the 10 years to 2020, retail margins averaged 8 to 11p per litre. Since 2020 these profits have more than doubled. Current retail profit margins for petrol and diesel at 3 October are approximately 22.5p per litre.

Diesel continues to be held artificially higher than petrol. Average UK difference between petrol and diesel prices is over 16p per litre.

Howard Cox, Founder of FairFuelUK, said: "Average pump prices are very slowly rising again with opportunistic profiteers in fuel supply chain taking advantage of the recent weak pound & the Brent oil price showing signs of a climb. Since 1 June, pump prices are down 10% yet bulk wholesale costs are down by much more at 30%.

“At FairFuelUK we estimate between 10 to 20p per litre in wholesale falls have not been passed onto drivers. Not only did Kwasi Kwarteng not drop fuel tax in his mini-budget that would have pleased the world's highest taxed drivers, reduce inflation, boost GDP and relieve the cost of living crisis, like previous Chancellors, he allows the fuel supply chain to continue to exploit drivers. It's past time and even truly immortal that an independent PumpWatch body has not been introduced, to protect 37million drivers from this perennial profiteering.”