‘Sickening exploitation of drivers’ Fuel price hike from ‘greedy’ suppliers sparks concern
Petrol prices: Howard Cox calls for cuts to fuel duty
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Petrol and diesel prices have continued to rise in recent months, hitting record levels in October. This is as a result of the rising price of Brent crude oil, which stands at around $85.77 (£63.57).
This is a far cry from April 2020 when the RAC reported the price of a barrel of crude oil to be $13.59 or £10.07.
The FairFuelUK campaign has said the rising prices are “fleecing drivers”, with the “faceless businesses” charging motorists £5.9million per day more than is necessary.
This is equivalent to more than £2.15billion per year, with FairFuel claiming the Government makes around £360million of extra VAT from these sales.
According to FairFuel data, a litre of petrol at the end of December 2020 cost 116p, with wholesale costs and taxes accounting for 102.6p, leaving 13.36p as profit.
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At the start of November 2021, a litre of petrol was 145.9p with 16.64p as profit following taxes and other costs.
Howard Cox, founder of the FairFuelUK campaign, said: “The perennial and sickening exploitation of the UK’s 37 million drivers by a greedy fuel supply chain continues to go unchecked.
“The commercial heartbeat of UK Plc, fuelled almost entirely by diesel is in particular, being fleeced at will.
“Driving up inflation and impacting negatively on our post covid economic recovery.
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“For decades the fuel supply chain, notably a few wholesalers, have ripped off drivers at will. But 2021 is the year of the most immoral fuel pump profiteering seen in recent years.
“The smaller independent garages are subject to their pricing blackmail too, in what they are forced to pay.
“Their wholesalers hold them hostage to their bulk supply and what they can charge motorists at the pumps.
“These businesses consciously hold back wholesale price falls and ramp up bulk supply costs when oil prices rise, amounting to billions of manipulative changes to fill their already gold lined pockets.
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