Gasoline prices describe £500m abuse from UK drivers | United Kingdom | News

The group’s research shows that pump prices in April were about 14 to 19 pence higher than they should be and more than £500m was pulled out of a driver’s pockets in just one month.

Figures from last month show that oil prices fell 12 percent compared to the previous month, but at the same time, average pump prices for gasoline rose 1.3 pence per liter, while wholesale prices were said to have fallen by 6.8 pence.

Likewise, diesel prices at the pump rose by 5.7p per liter despite the group’s claims that wholesale prices fell by 7.7p per liter.

It comes after Chancellor Rishi Sunak announced in his spring statement a 5p per liter cut in fuel surcharges, but Sarah Toze, consumer editor at Desperate Seller, told Express.co.uk that the 5p reduction is not mandatory and it is up to retailers whether to transfer the savings to Drivers – which many accused of not doing.

“Some have accused major retailers of not relaying wholesale price savings to their customers. With continued volatility in wholesale prices, retailers have chosen to be cautious and not risk potential losses if prices rise again,” said Ms Tooze.

In a statement issued at the end of last month, the campaign group Fair Fuel said: “With lower oil and wholesale fuel prices and lower fuel surcharges, the fuel supply chain has hampered total gasoline from drivers around 14p per liter in April” and “19p for diesel.”

Howard Cox, founder of Fair Fuel UK, said: “The UK’s shameful fuel supply chain business needs to be brought under scrutiny, oil is passed and wholesale prices drop immediately at the pumps.

“Worse still, Chancellor Spring’s statement welcoming a 5-point fuel duty cut has not even been seen in any front yard. The combination of failing to pass on this price drop is a blatant win-win and should be investigated by the Competition and Market Authority.”

The advisor and the Minister of Transport also called for the application of an independent body to monitor pump pricing to stop “profiteering” by oil companies.

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Recently released reports show earnings of the oil giants have risen, including BP which posted a profit of £4.9 billion – almost double the same period last year.

Shell posted a quarterly profit of £7.3 billion from just the first three months of the year, nearly triple its profit from the same quarter a year earlier.

This, along with the dire economic situation, has led the public to put pressure on the government to implement an unexpected tax to help tackle high home energy bills.

Mr Cox said: “Shell and BP’s hideous and highly opportunistic profits are not going down at all well with drivers or even active users of transport. People are struggling to heat their homes and pay to fill their cars. With a family diesel costing more than £100 to fill up, it continues. Major companies in the fuel supply chain take advantage of the geopolitical fluctuations in the global market.”

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