Fuel campaigners have claimed some retailers may be benefiting from up to 30p per litre in cost savings not passed onto customers. FairFuelUK says petrol customers could be charged 30.7p per litre more than they should as retailers fail to pass wholesale oil savings over to customers.
Speaking to Express.co.uk, Howard Cox, founder of FairFuelUK said: “In an extraordinary time where we all must adhere to Government advice to reduce risks to our health, the immoral fuel supply chain have been ripping off drivers to the tune of £23.8m per day.
“Since Christmas these opportunists have hidden behind a global crisis to fill their already fat wallets, by not passing on average, 20p per litre to what we currently pay at the pumps.
“The perennial cheating of the world’s highest taxed motorists, every time oil prices change, must be scrutinised by an independent PumpWatch body.”
FairFuel have called for an urgent reduction of pump prices by at least 15p per litre and urged the government to help hard pressed road users.
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They claim fuel supply chain companies have increased petrol profits by upo to 259 percent since December due to massive price drops.
Oil prices have dramatically fallen amid the coronavirus panic with US prices dropping by 24 percent to just over $20.37 on Wednesday in the lowest levels since 2002.
However, production from suppliers has not been cut meaning as Saudi Arabia ramped up overall production from 9.7million barrels to 12.3million.
RAC experts predicted coronavirus would lead to a sudden fall in oil prices. However campaigners say a refusal to pass over cost savings was “fleecing” UK motorists.
Speaking to Express.co.uk, Mr Cox said: “It borders on criminal behaviour that Coronavirus is the smokescreen for these faceless businesses, to fleece UK’s 37m motorists.
“The Government must act now, to stop this chronic consumer abuse once and for all.”
Government data has revealed average fuel pump prices continue to fall for the sixth consecutive week.
Petrol costs have dropped from 127.33p per litre at the end of January to 120.33p this week.
Data shows costs have fallen by 3p per litre in less than one month as the coronavirus impact started to take hold.
Experts at the AA also admitted average UK pump prices were lagging behind with retailers and supplier margins sustained at higher margins.
However, AA fuel experts have predicted £1 per litre fuel prices could be just around the corner as road users are set to make massive savings.
Wholesale petrol costs crashed by 8p per litre last week and a further 7p since means average pump prices could fall to jst 103p per litre.
But the AA has said retailers and suppliers seem happy to hold onto the higher margins for the time being as prices have failed to be considerably slashed.
AA fuel price expert Luke Bosdet said: “Yet, this delay of significant savings being passed on to the consumer matters for three reasons. Firstly, it means money that could relieve family spending and filter through to the High Street is being denied.
“Secondly, it is one of the few things that would lift the gloom of coronavirus.”
Published at Sat, 21 Mar 2020 05:01:00 +0000