Since the start of 2023, the Fuel Supply Chain deliberately inflated the price of diesel pumps by 17.45p per litre above the average wholesale cost of petrol according to FairFuelUK.
This has resulted in UK diesel drivers paying over £1.3 billion extra at the pumps.
If retail diesel prices were set at a fair margin above recent wholesale prices, inflation would likely be below 10%, possibly even as low as 9%. However, profiteering continues to be rampant in the pricing of this essential resource that drives the commercial heartbeat of the nation.
Furthermore, it appears that both the Government and the CMA are willing to allow this profiteering to persist.
Howard Cox, Founder of FairFuelUK said: “It is patently clear why the Government is so scared of introducing PumpWatch.
“The Treasury is fleecing an extra 6bn to £8bn out of diesel drivers in Fuel Duty and VAT every single day. It makes no sense that they continue to ignore introducing a potential consumer pricing watchdog that would ensure honest, fair, and transparent pricing at the pumps. PumpWatch would guarantee inflation would now be below 9% and support for the Tory Party would increase.
“The Chancellor is still talking about hiking Fuel Duty in the General Election year. This economic illiteracy will doom the Conservative Party onto the opposition benches for decades to come. Pure fiscal madness and electoral suicide.”
This massive difference between petrol and diesel prices means:
- For the average family diesel car nearly £10 extra per fill up
- For the average van driver nearly £14 extra per fill up
- For an average truck nearly £70 extra per fill up
- Since January 1st, 2023, the Government has benefited from these higher-than-necessary diesel prices to the tune of £6m per day in extra Fuel Duty and VAT.
- At current levels (April 19th) the Treasury’s dishonest diesel tax take has increased even further to £8.5m extra per day.
- Had prices matched petrol wholesale costs, the filling price of diesel would now be below £1.50 per litre. The current average diesel price is £1.62.
- The current Wholesale price of diesel is 4.81p per litre less than petrol but at the pumps, it’s being sold at an average 20p per litre higher than petrol.
Jonathan Gullis a Conservative MP said: “Diesel motorists are at the very heart of the British economy. Motorists across my Stoke-on-Trent North constituency want diesel drivers to be treated honestly at the pumps.
“There are so many families with small businesses here, that rely on their diesel vehicle every single day and that’s why I urge the Government to consider FairFuelUK’s PumpWatch proposal seriously. Pump prices are hit and miss and seemingly uncontrollable. This must stop now and PumpWatch put in place to benefit the economy and hard-pressed motorists. PumpWatch will be a popular antidote to inflationary pressure. It will cost the Government very little to implement and is not complicated but its implementation could restore confidence in Britain’s appalling opaque fuel market.”
