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Last 3 Years Pump Profits have Doubled. Why?
Updated figures sourced from RAC Foundation and FairFuelUK - May 27th
For the avoidance of any doubt, it is FairFuelUK's Howard Cox working closely with Harlow MP Robert Halfon and Fair Fuel APPG Chair, Craig Mackinaly MP, that have campaigned since 2016 for an independent Pump Pricing Watchdog, notionally called called PumpWatch.
Back in 2018, FairFuelUK's Howard Cox presented PumpWatch to Exchequer Secretary to the Treasury at the time Robert Jenrick MP. He was impressed with the idea and asked FairFuelUK to come up with a workable solution. Unfortunately, the delivered proposal was lost in the build up to the 2019 General Election.
- Over 50,000 FairFuelUK Supporters have emailed the Treasury and their MPs calling for Pump Watch.
- 8 out of 10 FairFuelUK’s 1.7m supporters want such an impartial body created, just like consumer watchdogs Ofgem, Ofcom and Ofwat, to protect drivers every time they fill up, as and when oil prices vary.
- The 6p cut in Fuel Duty (5p plus VAT) announced in the Spring Statement has not reached the pumps.
- Why is the current wholesale price of diesel 9p less than petrol but at the pumps, diesel is 10p more than petrol?
The perennial diesel and petrol profiteering scandal that FairFuelUK has been campaigning against for the last decade, is now even more relevant in the current financial crisis.
PumpWatch is crucial to the Nation’s positive economic growth, jobs, business investment, logistics, consumer spending and social mobility. This beleaguered Conservative Government needs it in place now, to help regain trust again and to avoid long-term voter repercussions.
At last, Boris Johnson and Transport Secretary Grant Shapps, seem to believe PumpWatch makes economic and political sense and maybe, just maybe, they are is moving back in touch with voters call for PumpWatch.
It’s time for the Conservative Government to throw away the chronic anti-motorist plans and recognise the common sense in giving drivers a well-deserved break and some honesty at the pumps.
Robert Halfon MP, Vice Chair of the APPG for Fair Fuel for Motorists and Hauliers said: “Struggling families need a PumpWatch regulator NOW. The rip off oil companies are feeding the cost of living crisis as they refuse to cut prices at the pumps even when the international oil price has fallen. If we can have an energy price cap, at least have a fair price at the pumps.”
Craig Mackinlay MP, Chair of the APPG for Fair Fuel for Motorists and Hauliers said: “Sadly, the Government’s efforts to work with the fuel industry so that pump prices are competitive, and market driven, ensuring consumers benefit from lower prices, is not working. The reality is that motorists are now paying £16 per tank more than last year and nearly £2bn of falls in the wholesale price have not been passed onto hard-pressed motorists at the pumps. This is bad for the economy, bad for inflation, bad for business and bad for jobs. That’s why we need to introduce an independent pump pricing watchdog now.”
Howard Cox Founder of FairFuelUK and Secretary to the APPG for Fair Fuel for Motorists and Hauliers said: “I am delighted the the Government maybe at last acting on pump price profiteering. For decades pump prices have been calculated using a secret formula known only to those businesses in the fuel supply chain. The pump pricing formula does not bear any close correlation to Brent Oil price movements, even after taking into account, Sterling to US Dollar exchange rates. When oil prices rise and fall, millions of drivers have absolutely no idea what subsequently, they will pay at the pumps each time they fill up their vehicles. It is never ever the same price! There is no consistency, logic or clarity to the way pump prices are calculated. As stated, this calculation remains a closely guarded secret in the fuel supply chain. PumpWatch would give fairness and transparency to UK’s 37m drivers and would benefit the economy too.”
“The perennial diesel and petrol profiteering scandal that FairFuelUK has been campaigning against, for the last decade is now even more relevant in a time of real financial crisis. PumpWatch is crucial to the Nation’s positive economic growth, jobs, business investment, logistics, consumer spending and social mobility. This beleaguered Conservative Government needs it in place now, to help regain trust again and to avoid long-term voter repercussions. At last, Boris seems to believe PumpWatch makes economic and political sense and maybe, just maybe, he is moving back in touch with voters. It’s time for the Conservative Government to throw away the chronic anti-motorist plans and recognise the common sense in giving drivers a well-deserved break and some honesty at the pumps.”
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For the avoidance of any doubt, it is FairFuelUK's Howard Cox working closely with Harlow MP Robert Halfon and Fair Fuel APPG Chair, Craig Mackinaly MP, that have campaigned since 2016 for an independent Pump Pricing Watchdog, notionally called called PumpWatch.
Back in 2018, FairFuelUK's Howard Cox presented PumpWatch to Exchequer Secretary to the Treasury at the time Robert Jenrick MP. He was impressed with the idea and asked FairFuelUK to come up with a workable solution. Unfortunately, the delivered proposal was lost in the build up to the 2019 General Election.
- Over 50,000 FairFuelUK Supporters have emailed the Treasury and their MPs calling for Pump Watch.
- 8 out of 10 FairFuelUK’s 1.7m supporters want such an impartial body created, just like consumer watchdogs Ofgem, Ofcom and Ofwat, to protect drivers every time they fill up, as and when oil prices vary.
- The 6p cut in Fuel Duty (5p plus VAT) announced in the Spring Statement has not reached the pumps.
- Why is the current wholesale price of diesel 9p less than petrol but at the pumps, diesel is 10p more than petrol?
The perennial diesel and petrol profiteering scandal that FairFuelUK has been campaigning against for the last decade, is now even more relevant in the current financial crisis.
PumpWatch is crucial to the Nation’s positive economic growth, jobs, business investment, logistics, consumer spending and social mobility. This beleaguered Conservative Government needs it in place now, to help regain trust again and to avoid long-term voter repercussions.
At last, Boris Johnson and Transport Secretary Grant Shapps, seem to believe PumpWatch makes economic and political sense and maybe, just maybe, they are is moving back in touch with voters call for PumpWatch.
It’s time for the Conservative Government to throw away the chronic anti-motorist plans and recognise the common sense in giving drivers a well-deserved break and some honesty at the pumps.
Robert Halfon MP, Vice Chair of the APPG for Fair Fuel for Motorists and Hauliers said: “Struggling families need a PumpWatch regulator NOW. The rip off oil companies are feeding the cost of living crisis as they refuse to cut prices at the pumps even when the international oil price has fallen. If we can have an energy price cap, at least have a fair price at the pumps.”
Craig Mackinlay MP, Chair of the APPG for Fair Fuel for Motorists and Hauliers said: “Sadly, the Government’s efforts to work with the fuel industry so that pump prices are competitive, and market driven, ensuring consumers benefit from lower prices, is not working. The reality is that motorists are now paying £16 per tank more than last year and nearly £2bn of falls in the wholesale price have not been passed onto hard-pressed motorists at the pumps. This is bad for the economy, bad for inflation, bad for business and bad for jobs. That’s why we need to introduce an independent pump pricing watchdog now.”
Howard Cox Founder of FairFuelUK and Secretary to the APPG for Fair Fuel for Motorists and Hauliers said: “I am delighted the the Government maybe at last acting on pump price profiteering. For decades pump prices have been calculated using a secret formula known only to those businesses in the fuel supply chain. The pump pricing formula does not bear any close correlation to Brent Oil price movements, even after taking into account, Sterling to US Dollar exchange rates. When oil prices rise and fall, millions of drivers have absolutely no idea what subsequently, they will pay at the pumps each time they fill up their vehicles. It is never ever the same price! There is no consistency, logic or clarity to the way pump prices are calculated. As stated, this calculation remains a closely guarded secret in the fuel supply chain. PumpWatch would give fairness and transparency to UK’s 37m drivers and would benefit the economy too.”
“The perennial diesel and petrol profiteering scandal that FairFuelUK has been campaigning against, for the last decade is now even more relevant in a time of real financial crisis. PumpWatch is crucial to the Nation’s positive economic growth, jobs, business investment, logistics, consumer spending and social mobility. This beleaguered Conservative Government needs it in place now, to help regain trust again and to avoid long-term voter repercussions. At last, Boris seems to believe PumpWatch makes economic and political sense and maybe, just maybe, he is moving back in touch with voters. It’s time for the Conservative Government to throw away the chronic anti-motorist plans and recognise the common sense in giving drivers a well-deserved break and some honesty at the pumps.”
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