Motorists are paying on average 5p more per litre for fuel than they should because fuel stations have not reduced their prices in line with crude oil rates, according to new findings.
Fuel price campaigner, FairFuelUK revealed that fuel stations have made £500 million in “opportunistic profiteering” by not reducing prices of petrol and diesel accordingly in the past three months.
The report found that on 15 June, whoelsale oil prices were at £55.36/barrel, while the UK average retail price for diesel was £1.322/litre and petrol £1.292/litre.
On 4 May, when oil prices were a comparable £55.45/barrel, diesel was just £1.268/litre and petrol £1.239/litre.
Howard Cox, founder of FairFuelUK, said: “In Germany and France, pump prices can fluctuate on the forecourts daily, even hourly.
“The cost of filling up in these countries accurately reflects oil and wholesale prices.”
However, UK “motorists and businesses are exploited ruthlessly by the fuel supply chain”, according to Cox who is calling on the government to “protect hard-working consumers and the economy from this recurring disingenuous manipulation”.
Conservative MP for Scotland, Kirstene Hair, said that the UK needs “an independent price monitoring body” to “ensure households and businesses are no longer charged unfairly for fuel”.