Oil Plummets but UK Drivers Still Being Fleeced at the Pumps
Oil Plunges by nearly 10% in Sterling since 25th April, yet since the beginning of April pump prices for diesel have increased by nearly 5p and petrol by nearly 8p per litre.
An estimated £235m is being held back from consumers filling up at the pumps each month by businesses in the fuel supply chain
Wholesale falls and changes in fuel prices continue not to be honestly passed onto UK drivers.
Since the beginning of April to June 3rd, 2019:
- Wholesale diesel has fallen 1.3% yet fill up pump prices have increased by 3.6%
- Diesel retail profit based on wholesale prices against average pump prices has increased 54.1% to 17.85p per litre
- Wholesale petrol has increased 1.8% yet fill up pump prices have increased by 6.4%
- Petrol retail profit based on wholesale prices against average pump prices has increased 116.7% to 10.79p per litre
- An estimated £235m is being held back from consumers and the economy filling up at the pumps each month by businesses in the fuel supply chain
These are further reasons why FairFuelUK 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.
The Government has always said that 37m drivers see pump fill up costs reflect oil price changes within 7 weeks. But this claim is in no way ever reflected in the wholesale and retail data collected and witnessed in reality at the forecourts by consumers.
