Garage forecourts should NOT be charging more than £1.65p per litre for petrol or higher than £1.75p for diesel, says fuel campaign group
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A fair fuel campaign group thinks that "more high pump price protests are inevitable" after it revealed that retailer profits have soared over the last few years.
FairFuelUK says that from 2016 up until the Covid lockdown years, the average wholesale price difference to pump prices was traditionally 10 to 12p per litre. Since 2019 that yearly average has nearly doubled with recorded profits at about 18p to 21p per litre.
Current retail margins, recorded for July 20, have hit an "astonishing 35p per litre" for both fuel types – nearly £20 profit per average family car.
Howard Cox, FairFuelUK's founder says: "As oil prices have rocketed since 2020, the fuel supply chain has exploited drivers by doubling their profits through record pump pricing. They are directly responsible for making the cost of living crisis even worse.
"I call on the government, once and for all to punish the opportunistic profiteering in the fuel supply chain. This simply cant go on. The Competition and Markets Authority seem in total dereliction of their core duty in not punishing the fuel supply chain's lack of competition, exploiting global oil price instability, and blatant unchecked profiteering.
"The new prime minister must make this a priority, in order to reduce inflation and the cost-of-living crisis.”