According to the FairFuelUK Fuel Price Crisis Survey, which surveyed 37,000 drivers, petrol prices have increased by nearly 10p per litre on average, while diesel prices are up by nearly 14p since the onset of the oil price crisis.
If prices rise by more than 20p per litre on average, all indicators from drivers suggest that the economy could enter a recession, compelling consumers to cut back on spending, even on basic food items.
Howard Cox, Founder of FairFuelUK, says: “Rachel Reeves could calm inflationary pressure and protect the economy from recession by cutting fuel duty now and promising to scrap any increase in this regressive tax in the lifetime of this Parliament.”
The world’s highest taxed drivers deserve relief from the high costs of an essential resource, and the economy needs a boost by increasing consumer spending and lowering costs for small businesses. This can be achieved by cutting fuel duty, removing the immorally levied VAT on fuel duty, and ensuring that pump pricing is fair, honest, and transparent through a PumpWatch with teeth.
In an opinion poll conducted by FairFuelUK between March 5 and March 14, over 37,000 road users responded to the PumpWatch Survey.
When asked whether they had noticed significant increases in pump prices at their usual fuel stations before wholesale price hikes, 43.1% answered yes, 51.7% said they didn’t know, and 5.2% said no.
Among those who responded “yes,” 83.7% believe that Shell, BP, Esso, and Texaco had the highest pump prices and had raised prices on existing fuel stocks.
The supermarkets were perceived as having the lowest prices; however, Asda and Tesco implemented some of the largest price increases unusually quickly.
When drivers were asked how they would be affected if pump prices increased by over 20p per litre, 70.7% said they would cut back on spending on hobbies, dining out, and entertainment.
Additionally, 59.8% would reduce purchases of branded foods, 52.1% would fill up more at supermarket forecourts, and 48.2% would decrease the size of their grocery shopping.
Furthermore, 41.3% indicated they would work from home more often, 37.7% would reluctantly resort to using public transport, 24.2% would lessen visits to family and friends, and 11.9% noted that their regular hospital treatments and frequency of visits would need to be reduced.
Poll respondents expressed a strong desire for concrete action from the Labour Government, including: 96.9% calling for a fuel duty cut of at least 10p, 96.2% wanting VAT to be removed from fuel duty to eliminate double taxation, and 92.7% advocating for the immediate enforcement of FairFuelUK’s PumpWatch, with severe fines imposed on fuel suppliers for unchecked profiteering.
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