MPs say petrol supply chain businesses are knowingly profiteering from falling oil prices

Petrol price chart 2015

Crude oil prices fell by 23% in 2015 while UK diesel and petrol margins (net of all taxes) have increased substantially according to new analysis compiled by FairFuelUK from data provided by Portland Fuel Pricing (see chart).

Howard Cox, founder of the FairFuelUK Campaign said: “Fuel suppliers deliberately manoeuvre pump prices, especially diesel, for out-and-out profit even when the cost of the raw material is in continual decline.

“The perpetual unfair fleecing of UK’s 37m drivers looks set to go unheeded by the Competition and Market Authority and the Government despite this conclusive proof for them to act. It really is time to take this perennial issue seriously and help put in place reasonable taxation and trustworthy pricing at the pumps.”

Rob Flello, MP for Stoke on Trent South, commented: What these figures show is racketeering on a global scale and it is the motorist and professional driver that is being ripped off.

“Serious questions need to be asked about how the wholesale market operates and why there is such a disparity in the profit margins between petrol and diesel. This reeks of a too-close relationship between oil producers, refiners and wholesalers which demands urgent investigation.”

And Jason McCartney, MP for Colne Valley, added: The FairFuelUK graph clearly demonstrates that profit margins for diesel and petrol are higher when the price of oil falls.

“This increased profit comes from the pockets of motorists when pump prices remain stubbornly high despite crude oil prices falls. We need more transparency in the pump pricing process and that was the aim of the December Inquiry session of the Fair Fuel for Motorists and Hauliers APPG.”

 

 

 

 

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