MPs Want Diesel & Petrol Pump Profits Checked

MP says: “Oil barons are the new oligarchs raking in billions of excess profits”

Headlines:

• Unchecked oil bosses more than doubled forecourt profits in the last 3 years sparking calls for price cuts by MPs.
• Retail and wholesale analyses by campaigners, FairFuelUK show firms make 126 per cent more on an average tank of petrol since 2016.

1. 
   Since 2016 average yearly petrol pence per litre profits are up 126% and Diesel up 99%
2. Since 2019 average yearly petrol pence per litre profits are up 51% and Diesel up 42%
3. Average yearly profits for 4 years 2016 to 2019 for petrol = 9.9p/litre, diesel = 11.5p
4. Average yearly profits for 2.4 years 2020 to 2022 for petrol = 18.2p/litre, diesel = 20.7p
5. Therefore for the last 2.4 years average yearly pump prices per litre for petrol have increased +84% and for diesel +80%

Howard Cox, Founder of FairFuelUK and Secretary to the FairFuel APPG said: “It nauseates millions, that in a time of national financial uncertainty, super rich corporations care so little for their customers ever deepening plight. From 2020 the cash grabbing fuel supply chain has benefited, not through any great business acumen but from a huge and fortunate global hike in oil prices to swell their already fat profits. Yet unjustly, even immorally, in the same period they have deliberately doubled what they customarily take at the pumps. Had our long called for pricing watchdog PumpWatch, been in place, diesel and petrol prices would be at least 10p per litre less and our hard fought 5p cut in duty may even have been passed onto hard pressed motorists too. Punishing company success is wrong, but implementing a windfall tax on greedy opportunism is right.”

Robert Halfon MP and V Chair of the FairFuel APPG said: “Oil barons are the new oligarchs raking in billions of profits and multi-millions for salaries for oil company CEOs. Meanwhile hard-pressed motorists are being fleeced at the pumps. Margaret Thatcher was right in the 1980s to do it. I hope the Government considers it to address the unfairness but also to provide millions of families with a tax cut or rebates on their energy bills.”

Craig Mackinlay MP and Chair of the FairFuel APPG said: “New data shows that oil companies & retailers are earning between 8p and 10p more per litre, or about £6 more per average tank than they were just four years ago. I’d recommend they implement an immediate 10p per litre cut in pump prices for both petrol and diesel which will revert forecourt profits to their long-term average. I don’t agree with windfall taxes, but I do support fair play. These companies are now taking consumers for a ride and must now do the decent thing in the face off an emerging cost of living crisis.”