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Grant Shapps & Rishi Sunak can stop ‘Shameful Fuel Supply Chain Profiteering’ says FairFuelUK

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Grant Shapps & Rishi Sunak can stop ‘Shameful Fuel Supply Chain Profiteering’ says FairFuelUK

An extra half a billion pounds has been taken from drivers by greedy fuel supply chain businesses in just one month says FFUK.

In April compared to March, average Oil prices fell 12% in Sterling. Average Petrol prices at the pumps increased 1.3p per litre yet wholesale prices fell 6.8p.

This is the proof that Pump Prices are definitely 14p to 19p higher than they should be notes FairFuelUK.

Howard Cox, Founder of FairFuelUK:

“UK’s shameful Fuel Supply Chain businesses must be held to scrutiny and ordered to pass on oil and wholesale price falls immediately at the pumps. Worse still, the Chancellor’s Spring Statement welcome 5p fuel duty cut has not even been seen on any forecourt. The combination of failing to pass on these price drops is blatant profiteering and must be investigated by the Competition and Market Authority. Above all, the Chancellor and Transport Minister should put FairFuelUK’s long time call for an independent pump pricing watchdog, PumpWatch, in place now.”

Average Diesel prices at the pumps increased 5.7p per litre yet wholesale prices fell 7.7p while fuel duty was cut 5p per litre in March. With VAT pump prices should be at least an an absolute minimum based on the Spring Statement fuel duty cut at least 6p lower per litre in April.

With oil and wholesale fuel prices falling and the fuel duty cut, the fuel supply chain has held back a total for petrol from drivers approximately 14p per litre in April. With oil and wholesale fuel prices falling and the fuel duty cut, the fuel supply chain has held back a total for diesel from drivers approximately 19p per litre in April.

The campaigners note that retailers are not making extra profits, it is further up the fuel supply chain where the greed is rife. Data source via FairFuelUK Supporters Panel and the RAC Foundation.

Howard Cox, Founder of FairFuelUK:

“Each day it is delayed, keeps inflation higher than necessary, prolonging the pain for hard pressed businesses and motorists. Between March and April the greedy oil corporations and those faceless wholesalers have fleeced more than £500m out of UK’s 37m drivers’ pockets. It’s stomach-turning the Government allows this blatant exploitation and lack of pricing transparency, whilst they sit back in a shed load of extra VAT receipts.”

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