FairFuelUK challenges fuel
retailers following the EU Referendum result not to unscrupulously hike fuel
prices more than is fair, using wheeler-dealer exchange rate and oil price
speculation as misleading smokescreens to fleece 37m UK drivers at the pumps.
Quentin Willson, TV Motoring Journalist and Lead Campaigner for FairFuelUK said: ‘We’ve done the maths* and crunched the numbers. Any rise above 3p a litre to reflect currency movements is just post-Brexit opportunism. If it transpires that the oil industry is trying to deliberately profit from the UK's current political and economic upheaval they should hang their collective heads in shame. This is how recessions begin.”
Howard Cox founder of the FairFuelUK Campaign said: "If oil stays at about $50 and the dollar exchange rate 1.33, pump prices should be hiked by no more than 3p, this will ensure retailers’ margins are comparable to their highly profitable pre-Brexit levels. When oil’s been at the current £37-£38 per barrel level, over the last 18 months**, pump prices have ranged from 106p to 120p. This shows greedy fuel supply businesses fleecing motorists when the opportunity is right for them, picking on diesel drivers the most. We renew our call for an ‘OfPump’ type regulatory body to ensure fairer and fully transparent pump pricing for 37m UK drivers.”
**For data showing prices at the pumps when Brent Crude has been around £37 to £38 per barrel in the last 18 months go to: https://www.fairfueluk.com/FairFuelUK02.jpg
Data sourced from Portland Fuel Pricing, RAC Foundation and Petrol Prices dot com