FairFuelUK analysis of fuel price reports from across the UK shows that, since 3 March, more than 230 supporters have recorded average petrol increases of 8.7p per litre and diesel increases of 12.6p per litre.
Of these, 135 reports indicate the hikes were applied to existing forecourt bulk stocks, raising concerns about rapid, widespread pump-price rises even before new deliveries to these forecourts.
As we write this, Brent Crude has fallen from $103 to $89 per barrel. I predicted that when Brent crude rose to $80-$90, prices would increase by 5-10p per litre.
It appears my reports from around the UK have indeed come true, but fuel prices continue to rise even further despite the latest huge drop in oil prices. It strongly suggests profiteering, with the major culprits in the fuel supply chain being the large branded oil companies.
FairFuelUK is calling on retailers and regulators to explain the sudden increases and to provide transparency on the reasons for such steep adjustments so soon after the start of March on existing stocks. FairFuelUK says the world’s highest taxed motorists and businesses are already feeling the strain from rising transport costs, and urges Government action to protect families and the economy.
Price changes on the forecourts remain unchecked, and that’s why I call on this Government to implement PumpWatch and prevent the opportunistic profiteering that remains rife.
I call for FairFuelUK’s PumpWatch to be rigorously and legally implemented. We will continue to see punitive hikes whilst this oil supply crisis grows, as the secret pump pricing algorithm in the Fuel Supply Chain, that makes no logical sense to anyone, will be ruthlessly exploited yet again by greedy opportunists.
And my call to keep fuel duty frozen for the lifetime of this parliament holds firm. But in the short term, amid this oil crisis, the Chancellor should cut fuel duty by 10p per litre to ensure inflation is not hit hard and economic growth is not slowed into negative territory.
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