A recent decline in wholesale petrol and diesel prices is not being passed on motorists, small businesses and the haulage industry and is causing inflation to rise unnecessarily, according to FairFuelUK.
The campaign is demanding lower prices at the pumps, given that wholesale petrol and diesel prices have fallen by 4p in the past 7 weeks, yet pump prices have only declined by 1p, according to data from Portland Fuels, RAC Foundation, PetrolPrices.Com and PumpWatch.
Howard Cox, founder of FairFuelUK, said: “Everything about the shadowy world of the vehicle fuel supply chain has a musty repugnant smell about the way it formulates pump prices. It is crucial that the government wakes up to this perennial fleecing of hard working drivers and small businesses that they continue to ignore. If millions of motorists can see this rip off taking place every time they fill up, why can’t Whitehall? The Chancellor would have more cash for the NHS, the elderly, roads and to lower emissions, if he stopped protecting the big oil corporations and inflation would tumble too!”
Cox also called for the introduction of a PumpWatch price monitoring body, like OfGem, which he said would check this opportunistic commercial profiteering.
Charlie Elphicke, Conservative MP for Dover & Deal and chair of FairFuel All Party Parliamentary Group, echoed Cox’s call: “This is strong evidence that drivers are being ripped off by greedy big oil companies. Pump prices fall like a feather but jump like a rocket when the oil price changes. A powerful PumpWatch watchdog would help millions of drivers get a fairer deal.”
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