Dear Editor
The Labour government is allowing fuel suppliers to rip off motorists at the pumps as wholesale prices fall.
With the Strait of Hormuz re-opening and an Iran deal on the cards, oil prices have fallen by 11 per cent in just four days, yet pump prices have fallen at a snail’s pace, by just 1 per cent. The fuel supply chain is again holding back on passing on wholesale price cuts to drivers.
The Government has collected over £750million in additional VAT since the start of the Iran conflict, while drivers have had to pay an extra £4billion to fill up. More than 40 countries have helped their motorists with fiscal measures to ease the pain of rocketing pump prices. Rachel Reeves did nothing and continues to allow opportunistic profiteering in the fuel supply chain. Her amoebic approach to any signs of a sensible economic growth strategy, which should put the motorist at the heart of boosting the economy, continues at her usual ignorant pace.
The price of Brent Crude oil has fallen by 23 per cent over eight weeks, yet wholesale petrol prices have fallen by only 7 per cent; forecourt filling-up costs have dropped by a measly 2 per cent, but retail profit has increased by 11 per cent.
At the same time, diesel wholesale prices have fallen by 14 per cent, forecourt filling-up costs have dropped by only 7 per cent, and retail profit has increased by 8 per cent.
The price of Brent Crude has fallen by 11 per cent over four days since June 6, yet wholesale petrol prices have fallen by only 3 per cent, forecourt filling-up costs have dropped by a measly 1 per cent, and retail profit has increased by 5 per cent. At the same time, diesel wholesale prices have fallen by 10 per cent, forecourt filling-up costs have dropped by only 1 per cent, and retail profit has increased by 19 per cent.
FairFuelUK and its 1.8million supporters call on the Government to implement a PumpWatch with teeth.
Howard Cox
Founder and CEO, FairFuelUK
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