| The Treasury has an Economic and Moral Duty to stop profiteering and continual unchecked pump pricing. |
| 9 Days after the Spring Statement, the historic 5p (6p with VAT) cut in Fuel Duty has still to manifest in full at ALL garage forecourts across the UK. In the month of the Mini-Budget, March, the wholesale price of petrol increased by 4%, yet pump prices at March 30 in contrast, went up a staggering 9%. And wait for it, wholesale profit in pence per litre climbed 69%. Diesel fared worse though, 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. It should be carefully noted, the huge profits are being made by fuel wholesalers and oil companies not the small independent garage owners, who are seemingly being held to ransom by the faceless fuel supply chain businesses. Despite wholesale falls on the day of around 4p per litre, before Rishi Sunak’s sermon at the dispatch box, pump prices increased by on average 3p on the day. 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 23rd March. SO, they had ample time to manipulate prices in their favour to absorb the significant Fuel Duty cut. A sickening PR misjudgment by the Treasury. Government Continues to Ignore Rip Off Pump Prices – Time this Beleaguered Administration Acted Positively to Support UK’s 37m Drivers and Reduce Inflation, the Cost of Living and incentivise the Economy Craig Mackinlay MP, Chair of the APPG for Fair Fuel for Motorists and Hauliers” says: 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.” https://edm.parliament.uk/early-day-motion/59364 Howard Cox Founder of the FairFuelUK Campaign says: “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” |
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