Unchecked Rip Off Pump Prices WHY? Retail Diesel Wholesale Diesel Oct 2022 Feb 2023 Pence/Litre WHY? 9 Years of Increasing Profiteering When oil prices rise and fall, millions of drivers have absolutely no idea what subsequently, they will pay at the pumps each time they fill up their vehicles. It is never ever the same price! There is no consistency, logic or clarity to the way pump prices are calculated. The calculation remains a closely guarded secret in the fuel supply chain. The Fair Fuel APPG is supporting 37m UK Drivers and calls for the introduction of an Independent Pump Price Monitoring Body. PumpWatch. FairFuelUK's founder Howard Cox has documented pump pricing trends since 2010 and has tried to get to the bottom as to how petrol and diesel prices are reached. As stated it remains a secret process designed to maximise profits for businesses in the fuel supply chain. Over 95% of FairFuelUK's 1.7m supporters want an independent body created, similar to consumer watchdogs Ofgem, Ofcom and Ofwat, to protect UK's 37m drivers every time they fill up, and as and when oil prices fluctuate. Please note, the small independent retailers are not the businesses making extra profits, it is further up the fuel supply chain where the greed is most rife. See the cogent evidence in the graphs that show unchecked greed remains rife in the fuel supply chain. Data sourced from the widely respected RAC Foundation. FairFuelUK has detailed evidence from such data over the last 12 years. But significant profiteering has taken place much more so in the last 3 years during the Covid lockdowns and because of the Ukraine conflict. Record Profits The Big Oil Corporations must think we are all mugs. In a time of crippling energy and fuel costs, Shell and BP's latest profits are more than obscene. One driver exclaimed: “these figures are tantamount to being a criminal attack on everyone who drives, runs a business and is struggling to make budgetary ends meet.” Neither can anyone say these huge record returns are down to any brilliant business acumen, creative marketing, or launching new innovative products. No, it's simple to explain! This gargantuan level of dishonestly acquired income, is down to pure luck and a huge amount of gluttonous opportunism. In a long period of insecure energy supply and high prices, the unpredictable global energy and fuel market has delivered manna from heaven to these already fat cats to exploit. And by God they have taken advantageous big time, riding unchecked over UK's drivers who are undergoing the worst cost of living crisis in decades. More and more Tory backbench MPs are backing introducing PumpWatch and ensuring Fuel Duty remains frozen at current levels in the March Budget. More than 40 MPs have written to the Chancellor and the Business Minister demanding that PumpWatch be implemented as a matter of urgency too. Shell's record profits much of which were contributed from the recent year's higher petrol and diesel prices at our garage forecourts, should be subject to real scrutiny and maybe legislative control. The Government must act now and introduce FairFuelUK's well thought out pump pricing watchdog proposal. A long overdue consumer protection mechanism can check the big, branded oil corporations and their fuel supply chain continuing manipulation of pump prices.” Oil is down 50% since the Ukraine invasion. Yet Pump Prices, especially diesel, are still 10p-20p per litre artificially too high. Jonathan Gullis MP wrote in his letter, backed by many of his parliamentary colleagues, to both Jeremy Hunt and Grant Shapps: “Since 2010, FairFuelUK has been instrumental in influencing over twelve years of fuel duty freezes. They have successfully pushed for a Ip cut in 2011 and 5p cut in 2022. Their campaigning is widely respected by Members on both sides of the House, and their voice has scope and resonance across the media. Moreover, FairFuelUK is popular and is still growing, with support of an average of 2600 drivers per constituency. They continue to campaign for a significant cut in fuel duty in order to reduce inflation and stop perennial opportunistic profiteering in the fuel supply chain with their PumpWatch proposal. On December 6, 2022, The Competition and Markets Authority (CMA) announced that there is unacceptable profiteering in the fuel supply chain. A fact that millions of drivers have known for some time now.” A combination of PumpWatch and cutting Fuel Duty will accelerate a fall in inflation, generate jobs, business investment, increase GDP and stimulate consumer spending. Deep down a true Conservative knows this is the most immediate way to lessen the cost-of-living crisis and secure votes. But will this Government have the guts to make this happen? They will not regret doing so, when they see the opinion polls respond positively to such fiscal common sense. Stop the Opportunistic Fuel Supply Chain Profiteering and Introduce PumpWatch
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