Do you remember before the EU Referendum, Goldman Sachs via the AA, both saying that pump prices would rocket by 18 pence per litre? A plethora of highly paid PR Execs in motoring organisations jumped on project fear’s doom wagon to say the same. See the published article here.
We at FairFuelUK (that’s Quentin Willson and myself) said then, and have been proven right that this would never happen.
BUT it's clear since June 24th that someone in the fuel supply chain is undeniably exploiting, even colluding against UK drivers and not passing on the published sterling falls in wholesale costs. See the graph of pump prices since Brexit against oil price in sterling.
Independent retailers say it’s not them that are keeping up prices unnecessarily high. Here is one offended independent garage owner who has contacted us confidentially: "Hi FairFuelUK - hope you are well - my wholesaler’s 'price support contract price' this week is 108.9unl/109.9 derv to earn 3.2ppl net. My nearest competitor ASDA is 105.9/106.9 but I am being told I am being 'price supported' by my wholesaler - go figure!”
Begs the question, who is holding onto these extra profits at the expense of UK drivers and businesses.
Prior to the Referendum, the BBC was also quick to report the predicted potential for prices at the pumps to explode post Brexit, (see article here) but since the vote they have been deafening in their silence.
"Since the Brexit vote, the BBC have not fairly reported the fall in oil prices, fuel wholesale costs and the pound stabilising"
Why doesn't the BBC tell their license payers anything about businesses in the fuel supply chain using Brexit uncertainty to fleece drivers? Why are they not asking on behalf of 37 million drivers why nearly £500m of wholesale falls have been withheld at the pumps since June 24th?
We are about to launch a Pre Autumn Statement Survey in our continuing fight for a fuel duty cut. Watch this space. We will present the poll’s findings to Theresa May, Phillip Hammond, David Gauke and Chris Grayling in the Autumn. But whilst we all know we have the most punitive fuel taxation system in the Western World, we also need a transparent pricing process at the pumps.
Will this new Government act by setting up an official investigation to stop the rip-offs at the pumps? Will they incentivise drivers for the benefit of the economy and will the BBC report these issues fairly? FairFuelUK fully supports the new Prime Minister’s mantra that everyone should benefit from the economic decisions made by her administration. Cynically it seems that all those license fee and tax payers maybe ignored.
Let’s hope the new PM, Chancellor and our much loved BBC proves us wrong and listens to the majority!
Founder of the FairFuelUK Campaign
PS. Please buy a window sticker to help fund the FairFuelUK campaign