Campaign group FairFuelUK has accused fuel companies of racketeering claiming petrol and diesel should be 25p per litre cheaper than it is on forecourts currently.
It said the price of a barrel of Brent Oil is now below £80, which it said should signal a considerable reduction in filling up at the pumps.
FairFuelUK has compared the current pricing to that back in February, when oil was at a similar price, yet petrol was 31.4p per litre lower and diesel 38.1p per litre lower.
The research shows that petrol prices in Germany are currently 35p per litre cheaper than the UK, France 31p and Italy 25p less. The price difference for diesel is 32p in Germany, 36p in France 37p in Italy.
With the average family paying £15 to £20 more to fill up now compared to when oil prices were the same back in February, the campaign group has accused the Government of raking in an extra £30million in VAT per day as a result of the increased prices
Robert Halfon MP, vice chair of FairFuelUK APPG, said: “This is literally highway robbery from the big oil companies. We need PumpWatch now, to ensure that motorists have a proper watchdog to investigate what appears to be racketeering.”
Craig Mackinlay MP said: “We are no closer to solving the conundrum of why pump prices remain at record highs despite wholesale oil prices returning to previous levels seen earlier in the year and should also be seeing the supposed benefit of a 5p per litre cut in fuel duty. Whilst I can appreciate that general supply chain costs will have increased, the Competition and Markets Authority (CMA) have further work to do to understand and explain the situation.
“We should be seeing reductions of at least 25p per litre across all pump fuels; the public have reached their own conclusions that excessive profiteering is at play. HM Treasury have ample room to initiate further duty cuts to alleviate cost of living pressures: I’d recommend they do it.”
Howard Cox, Founder of the FairFuelUK Campaign said: “The foul stench of profiteering gets even more overpowering. Despite the cost of oil falling 14% since June 1st, pump prices remain stubbornly 6 to 7p higher. The Tory Government, stuck in its self-absorbing overlong leadership contest, is allowing the fuel supply chain to ruthlessly exploit UK’s drivers completely unchecked. And the Treasury’s coffers are bulging at the seams with a shed load of extra VAT too.
“An independent PumpWatch is way overdue and its morally repugnant its not been up and running by now.”
FairFuelUK said its price comparisons were based on RAC Foundation Data, Global Petrol Prices dot com and its own research.
