Treasury has a moral duty to stop profiteering and continual unchecked pump pricing says FairFuelUK

The Treasury has an economic and moral duty to stop profiteering and continual unchecked pump pricing says FairFuelUK.

In the month of the Mini-Budget (March), the wholesale price of petrol increased by 4%, yet pump prices at 30 March in contrast, went up a staggering 9%. Wholesale profit in pence per litre climbed a massive 69% according to campaigners.

Diesel faired worse, with the gap against petrol in some places reaching 25p. Despite an unwelcome 8% rise in wholesale price due to the market scare that Russia supplies 20% of UK’s derv, pump prices for diesel rose 16% and profitability doubled.

Campaigners were quick to note, the big profits are being made by fuel wholesalers and oil companies NOT the small independent garage owners.

Over 300 drivers told FairFuelUK they witnessed pump prices being hiked in the 48 hours leading up to the Spring Statement. The Fuel supply chain was given more than a week’s notice that the Chancellor was to cut Fuel Duty by 5p on Wednesday 23 March.

Craig Mackinlay MP, Chair of the APPG for Fair Fuel for Motorists and Hauliers, said: “This is bad for the economy, bad for inflation, bad for business and bad for jobs. That’s why we need to introduce an independent pump pricing watchdog.”

MP Robert Halfon’s Early Day Motion says: “That this House recognises the significant financial impact on the motorists from retailers failing to reflect the fall in oil prices at the pump; understands that when oil prices rise companies often pass that increase on to motorists, but when they fall, the saving is not passed on; further recognises the action the Government has taken to freeze fuel duty for twelve consecutive years saving the average motorist £15 every time they fill up; notes the success of the campaign group FairFuelUK and Howard Cox in saving motorists billions of pounds; and calls upon the Government to take further steps to form a PumpWatch body to ensure fair prices at the pumps.”

Howard Cox, Founder of the FairFuelUK Campaign, said: "The perennial pump pricing rip-off scandal that FairFuelUK has been campaigning against for the last decade, rears its ugly greedy face yet again. PumpWatch is now even more crucial to the Nation’s positive economic growth, jobs, business investment, logistics, consumer spending and social mobility.

“This beleaguered Conservative Government needs it in place now, to help regain trust again and to avoid long-term voter repercussions. It’s time for you to throw away the anti-motorist plans and recognise the common sense in giving drivers a well-deserved break. It may just be decisive in the May local elections.”