Current pump prices are approximately 4p to 6p higher than they should be, however wholesale prices of diesel and petrol have fallen significantly in the last week, but retail filling up costs are soaring for motorists.
Depending on where you live, if you were to drive 10 miles and you will see pump prices fluctuate by as much as 11p per litre, which is an outrageous £11 variance in filling up an average family car.
With inflation jumping to its highest level in a decade as energy and fuel bills soar, the government is not taking seriously enough the current rocketing high price of diesel and petrol.
That vast VAT windfall, approaching £2bn filling the Exchequers coffers from these record prices at the pumps, is more than enough extra tax revenue, to warrant a decrease in Fuel Duty.
Cutting Fuel Duty by at least 3p per litre will bring UK vehicle fuel taxation more in line with the EU average and allow businesses and logistics to invest in drivers and cleaner transport.
India has just cut taxes on petrol and diesel too, all to ease consumer bills, so why can’t the British government follow their lead.
Howard Cox, Founder of FairFuelUK said, “High fuel prices are not saving the planet, they are crippling the economy, small businesses and low-income families. It is in the power of this Government to put cash back into all our pockets by doing the fiscal right thing and ignore the green myopic pressure to tax and tax.
“Time for the Conservatives to revert to type and cut this regressive punitive levy and stop the opportunistic profiteering in the Fuel Supply Chain.
“If gas, electricity, water and telecoms get price protection bodies, why shouldn’t motorists have one too? We need ‘PumpWatch’ now, to ensure pricing fairness for both consumers and hardworking fuel retailers too.
“Most of the profiteering is at wholesale level not by small independent retailers, who are also victims of the greedy fuel supply chain.”
“Even President Biden’s administration suspects foul play in the US fuel supply chain may be driving up the price of petrol.
“He has now called on the Federal Trade Commission, something akin to our impotent Competition and Markets Authority, to look into whether illegal conduct is driving up the cost of pump prices. Just like here in the UK, Americans are seeing rising costs, from prices at the pump to shopping at grocery stores.”