UK motorists are paying on average 5p more per litre for fuel than they should because fuel stations have not reduced their prices in line with crude oil rates, which today have fallen to a six-week low of $72.45 (£55.06) per barrel.
A study by fuel price campaigner FairFuelUK revealed that fuel stations have made £500 million in “opportunistic profiteering” by not reducing prices of petrol and diesel accordingly in the past three months.
The report found that on 15 June, whoelsale oil prices were at £55.36/barrel, while the UK average retail price for diesel was £1.322/litre and petrol £1.292/litre. On 4 May, when oil prices were a comparable £55.45/barrel, diesel was just £1.268/litre and petrol £1.239/litre.
FairFuelUK says inconsistencies in pricing have favoured the seller and equated to an average overspend per tank of about £2.50 per car.
“In Germany and France, pump prices can fluctuate on the forecourts daily, even hourly,” said Howard Cox, founder of FairFuelUK. “The cost of filling up in these countries accurately reflects oil and wholesale prices.”
However, Cox said that in the UK “motorists and businesses are exploited ruthlessly by the fuel supply chain”. He called on the Government to “protect hard-working consumers and the economy from this recurring disingenuous manipulation”.
His comments were echoed by a Conservative MP for Scotland, Kirstene Hair, who said that the UK needs “an independent price monitoring body” to “ensure households and businesses are no longer charged unfairly for fuel”.
By contrast, fuel duty’s impact on petrol and diesel prices has remained consistent for seven years. Chancellor Philip Hammond's latest budget confirmed that it would stand at 57.95p per litre.
More content:
Steady rise in supermarket fuel prices
Fuel prices begin comedown as wholesale price drops
Join the debate
Add your comment
Who are these people trying to kid?
Does she mean price fixing or a form of nationalisation? Whatever happened to the TORY policy 'let the market determine the prices' and free trade?
They'll say anything for votes. Bottom line is why should fuel be treated any different from any other commodity? Are we going to have price monitoring on iceberg lettuce?
If these idiots want to see fair prices on fuel, don;t tax us twice on it (fuel duty + VAT). Fuel in this country is as cheap as anywhere in Europe, the problem is our fuel duty.
Want a change....?
Start shopping somewhere else, they’ll soon get the message!
Making so much money....
.....they've closed 35% of the petrol stations since 2000