| Competition and Markets Authority is not fit for purpose if they can’t see the blindingly obvious |
| PETROL and DIESEL prices at the pumps should be at the very least 15p to 20p per litre lower. Between June 1st and August 15th Brent oil price in Sterling fell 20%. Wholesale petrol dropped 34.5p/litre and diesel’s wholesale cost was down 18.4p. Yet in the same time petrol at the pumps increased 1p and 2p respectively. The average retail profit over the last 10 years for PETROL considering a 2-week lag time in ordering bulk fuel is 11.48 per litre, yet on August 15th, 2022, it is at 32.11p – That is a staggering 179% more profit per litre on PETROL over 10 years. The average retail profit over the last 10 years for DIESEL considering a 2-week lag time in ordering bulk fuel is 13.75 per litre, yet on August 15th, 2022, it is at 32.38p – That is a staggering 135% more profit per litre on DIESEL over 10 years. On August 8th the UK’s PETROL price was 26p/litre higher than the average prices in the EU, and UK DIESEL price 34p higher than the EU. On August 8th only 8 out of 167 countries worldwide have PETROL more expensive than the UK, and for DIESEL only 5 out of 167 countries are more expensive. |
| “The Government must wake up and recognise that its time drivers and the nation are stopped being fleeced by the profiteering fuel supply chain and even their own Treasury. Pump profits are now at their highest, billions of extra VAT are flowing into Number 11 and the CMA is completely clueless and definitely not protecting consumers or the economy by not seeing blatant fuel supply chain racketeering. Yet again, we are seeing an inept political administration clueless as to how to solve the cost-of-living crisis. Its staring them in the face, cut fuel duty 25p and create PumpWatch to finally secure honest and transparent pricing at the pumps. PLEASE listen and act!” Howard Cox, Founder of FairFuelUK |
| Pricing data sourced from the RAC Foundation, PetrolPrices.Com, Global Petrol Prices and FairFuelUK Supporter PanelFairFuelUK Website: https://fairfueluk.comPumpWatch background: https://fairfueluk.com/PumpWatch.htmlHistorical PumpWatch Articles from FairFuelUK: https://fairdriving.uk/category/pumpwatch5p Duty cut not passed onto motorists: https://www.itv.com/news/2022-05-17/retailers-accused-of-not-passing-on-full-5p-fuel-duty-cut-to-motorists |
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