Petrol prices: Howard Cox calls for cuts to fuel duty
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This follows analysis from the RAC which found that retailers were making an additional £5million a day from higher than normal profit margins during December. Despite wholesale costs falling significantly, retailers only offered a tiny cut at petrol and diesel pumps, with the current prices not far off from their record highs in November 2021.
An Early Day Motion (EDM) has been put down in Parliament with cross-party MPs showing support by signing.
Early Day Motions are used to put on record the views of MPs and to raise awareness to specific events, news or campaigns.
This cites data from the RAC which recognises the impact that high fuel costs are having on consumers.
It calls on the Government to explore an independent pricing watchdog to protect drivers from overcharging at the pumps.
RAC fuel spokesman Simon Williams commented on the high prices of fuel.
He said: “December was a rotten month for drivers as they were taken advantage of by retailers who rewrote their pump price strategy, costing motorists millions of pounds as a result.
“Their resistance to cutting prices and to only pass on a fraction of the savings they were making from lower wholesale costs is nothing short of scandalous.
“The 10p extra retailers have added to their long-term margin of 6p a litre has led to petrol car drivers paying £5million more a day than they previously would have.”
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A petition has even been launched calling on the Government to set up an “independent regulator to monitor and regulate vehicle fuel pricing”.
The creator of the petition called the overcharging by retailers “unacceptable”.
Current RAC Fuel Watch estimates show the average price of unleaded to be 146.53p per litre, with a litre of diesel remaining static at 149.91p.
These are just short of the record prices seen in November when a litre of petrol was 147.72p and a litre of diesel set drivers back a massive 150.96p.
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