Lower fuel duty at German level and PumpWatch would reduce cost of living

Price differences at the pump when a barrel of Brent oil was at a similar price in February (£80.30) to now in August (79.88)

Petrol prices in other countries on 1 August compared to the UK – Pence per liter

Diesel prices in other countries as of 1st August 2022 compared to UK – Pence per liter

LONDON, UK, August 9, 2022 /EINPresswire.com/ — The foul stench of pump price racketeering continues, after the latest excessive and timely profits from BP and Shell

‘Rishi, Liz: MPs and the Nation want real action to cut fuel supply chain profits to cut the cost of living and reduce inflationary pressure. Petrol and diesel are 25 pence /litre higher than necessary. We can’t wait until September for you to act.” Howard Cox FairFuel UK

– The price per barrel of Brent Oil is now below £80 a barrel and should signal a considerable reduction in fillings at the pump. Down 14% in sterling and 17% in US dollars since June 1.

– But don’t hold your breath, when the price of oil was £80 a barrel, similar to where it is now in February, pump prices were 31.4 pence lower for petrol and 38 .1 pence for diesel. (See data table below.)

– As a result, the government is wallowing in an extra £30 million in VAT a day.

– And the average family pays £15-20 more than it needs to fill up now, compared to when oil prices were the same in February.

– Other nations in Europe and the rest of the world and their fuel prices are massively lower than they are here in the UK. (See gasoline and diesel data tables below.)

– Petrol in Germany is 35p/litre cheaper, France 31p, Italy 25p less.

– The price difference for diesel is equally striking. Germany is 32p, France 36p, Italy 37p all less than high prices here in the UK.

FairFuelUK and many MPs are calling on the Government and the next Prime Minister to cut fuel tax by at least 20-25p per litre, like the recent sensible double-digit cuts in Europe and to introduce PumpWatch as a matter of urgency.

Both will have a massive positive effect on reducing inflation and the cost of living.

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MP Robert Halfon, Vice Chairman of FairFuelUK APPG, said: “This is literally highway robbery by the big oil companies. We need PumpWatch now, to make sure motorists have of a proper watchdog to investigate what appears to be racketeering.”

MP Craig Mackinlay said: ‘We are no closer to solving the puzzle of why prices at the pump remain at record highs despite the return of wholesale oil prices to previous levels seen earlier in the year. year and should also see the supposed benefit of a reduction of 5 pence per litre. fuel tax. While I can understand that general supply chain costs will have increased, the Competition and Markets Authority (CMA) still has some work to do to understand and explain the situation. We should see reductions of at least 25 pence per liter for all fuels at the pump; the public has come to its own conclusions that excessive profits are at stake. Her Majesty’s Treasury has ample leeway to initiate further duty reductions to ease cost-of-living pressures : I would recommend that they do.

MP Penny Mordaunt, Minister of State for Trade Policy, said: ‘Families dependent on their cars and their businesses, especially micro businesses, need tax support to keep their overheads going. manageable. We all need to play our part in getting things done, including focusing on the cost of fuel.

Richard Tice, broadcaster and leader of the Reform Party, said: “The fuel barons in the supply chain are racketeering. The government should call time and threaten them with a ‘fixed price fixed profit’ unless the industry gets by in a matter of weeks.”

Howard Cox, founder of the FairFuelUK campaign, said: “The foul stench of profiteering becomes even more overwhelming. Despite the 14% drop in the cost of oil since June 1, prices at the pump remain stubbornly higher by 6 to 7 pence. The Conservative government, stuck on its own -absorbing a too-long leadership race, is allowing the fuel supply chain to ruthlessly exploit Britain’s drivers in a totally unchecked way. And the treasure chests are full to bursting with an additional VAT charge as well. An independent PumpWatch is way overdue and its morally repugnant is not operational now.”

Media Contact
Howard Cox, Founder of the FairFuelUK Campaign and APPG Secretary for Fair Fuel for Motorists and Hauliers – Contact: [email protected]
Tel: 0751542161

Background: Since 2011 the APPG for Fair Fuel for UK Motorists and UK Hauliers has looked at the main issues that impact UK drivers. Along with FairFuelUK, he has been a major influence on the fuel tax freeze since 2011. As well as fuel taxation, other issues addressed by the APPG that impact drivers include congestion charges, ULEZs /CAZ, parking fees, investments in roads, unfair treatment for owners of fossil fuel vehicles, solutions to reduce emissions, incentives for cleaner fuels, alternative technology options and transparent prices at the fuel pump with a continuous call to PumpWatch. With the expected drop in fuel tax revenue, the APPG will also formulate a long-term approach to the future of road taxation and a positive transport strategy for all road users. https://fairfueluk.com

Since 2010, FairFuelUK has saved drivers over £160 billion in planned duty and VAT tax hikes through constructive and objective campaigning. If FairFuelUK had not campaigned to remove indexation of fuel duty, the fuel tax today would be 90p/lt instead of 57.95p/lt. Today we would be paying over £2.40 a liter at the pump if FairFuelUK hadn’t fought for the highest taxed drivers in the world. Thanks to the campaign, inflation has fallen by 6.7% and £24bn has been reinvested in consumer spending every year since 2011.

FairFuelUK is a public affairs team with no shareholders to satisfy, just an award-winning campaign representing the real concerns of hard-working motorists, families, small businesses, commercial drivers and hauliers across the UK. Decades of tax abuse by successive governments with little in return justifies the need for FairFuelUK.

For 12 years, this award-winning campaign has been funded by the RHA, and previously by Logistics UK and other respected organisations, 1.7 million supporters and 146 MPs. FairFuelUK is led by campaign founder Howard Cox. Funding is provided by support from major funders FTA (Logistics UK), RHA and regular donations from supporters. Previous funders have included the RAC, Association of Pallet Networks, UKLPG and many others.

Howard Cox
FairFuelUK
+44 7515 421611
[email protected]