Since May 2015, oil prices in sterling have fallen by over 55.8% and yet wholesale prices for petrol in the same period (net of all taxes) have dropped by only 39.9% and at the pumps even less at just 26.9%.
Whilst wholesale diesel prices have nearly matched the fall in oil prices by dropping 54%, at the pumps, staggeringly drivers are not getting the same and are paying just 34.6% less. Pointing categorically to retailers not passing on these sizable oil and wholesale falls to 37m UK drivers and instead clearly using diesel as way to increase their forecourt profits.
In addition, since January 2015 wholesale diesel supplied to retailers has been higher priced than petrol on average for 30 weeks. At the pumps however, diesel drivers have been paying more than petrol for an average 49 weeks of the year.
The Government benefits too from the retailing profiteering, gaining more VAT on these unfair levels of diesel prices to the tune of an extra £37k each day. None of this retailer and Government exploitation as a consequence is used in consumer spending.
Current retail margins based on average wholesale reported prices at 20th January subtracted from average pump prices show for diesel to be 11p per litre and petrol to be 5.8p per litre. On this basis diesel is being blatantly exploited even more starkly by over 5p more than the retail return on petrol (net of all tax). Equating to drivers of diesel cars being fleeced of £3.75m each day in rightful price falls at the pumps.
In the last 2 weeks, oil in sterling has fallen 15.2%, wholesale petrol (net of all taxes) dropped 7.3% with retail falling just 0.7%. Wholesale diesel has fallen in the same period 19.1% but at the pumps only 6.1%. Pointing to a long awaited start to the equalisation of diesel and petrol prices at the pumps.
Quentin Willson, TV Motoring Journalist and lead campaigner for FairFuelUK said: "Weeks and weeks of increased profits on every litre of diesel sold and weeks and weeks of not passing savings on to motoring consumers. And the fuel and oil industries wants us to feel sympathetic?'