Are we being ripped off at the pump?
Research reveals that at a time when wholesale costs are going down prices and profits at the pump have leapt up.
The FairFuelUK campaign has released figures showing that forecourt operator’s profits have leapt by 117% at a time when wholesale fuel prices have plunged by 10%, thanks to Sterling’s movements.
Despite the wholesale cost of oil going down by 10% since 25th April, petrol went up by 8p per litre.
When petrol’s wholesale price has actually risen by 1.8% the price bikers have paid at the pump has increased by a whopping 6.4%. Retail profit based on wholesale prices against average pump prices has increased by 54.1%.
FairFuelUK, who estimate £235 is being held back from consumers each month, is working with the Treasury and the Fair Fuel APPG to develop a PumpWatch Voluntary fuel pricing code to ensure fuel retailers pass on wholesale falls in petrol and diesel fairly, accurately and quickly to drivers at the pumps.
Howard Cox Founder of the FairFuelUK Campaign and Secretary to the Fair Fuel APPG said:
“Everyone knows what we pay at the pumps does not follow any logic or fairness when oil prices change. For decades the fuel supply chain, notably a few wholesalers have ripped off drivers at will. The smaller independent garages are subject to their blackmail too, in the prices they are forced to pay, with their wholesalers holding them hostage to their bulk supply. They consciously hold back wholesale price falls amounting to billions. But these greedy faceless businesses will soon be subject to a good deal of scrutiny.
“It is vital that this new PumpWatch voluntary code is endorsed and supported by the Government, with petrol, diesel and autogas wholesale prices movements published daily.”