Recent data has revealed the shockingly high cost of filling up your vehicle in fuel in Britain.
FairFuelUK figures show that Russian drivers pay about 94p per gallon less for their gasoline than those in Britain.
Howard Cox is the founder of FairFuelUK. He said that ‘Boris’ and Rishi are head in the sand economy management of fuel supply chain’s unchecked opportunity profiteering [is] beggars belief.’
Comparative global comparison: The fuel costs of Britons are much higher than those of many other motorists around the globe
According to the United States, drivers in Turkey and the US paid 72p each for gasoline as compared with Britons.
FairFuelUK reported that on December 24, average petrol prices for motorists in Britain was 145p. Wholesale price was 120p. This resulted in a gross profit margin of 25p per litre.
FairFuelUK stated that diesel prices were at 149p per litre on Christmas Eve. However, the wholesale price was 119p per litre. This resulted in a gross profit of 30p per litre.
On 20/12/12, petrol prices in Australia, China, India and Japan were 59p/55p/43p/litre lower than those in Britain.
According to data, the petrol prices in France, Germany, and Spain were approximately 9p, 14p, and 21p per litre less than those found in Britain.
The findings show that petrol prices in Norway, Greece, Italy and Holland were all higher than those found in Britain.
FairFuelUK found that global fuel markets were on average 25p per litre less expensive than the UK in petrol and 35p for diesel.
FairFuelUK stated: “Why do these markets pass on wholesale petrol/diesel price drops to drivers while the UK continues its neglect of months-long wholesale falls?”
‘An average family car here in Britain is paying up to £16 more than the average in these developed markets.’
FairFuelUK’s Mr Cox added that the huge VAT generated by eye-watering pump prices is good for the Treasury. However, these greedy prices hurt low income families and small businesses, and accelerate the rise of inflation.
“It’s in the hands of the Prime Minister, Chancellor, to order a CMA inquiry, establish PumpWatch, stimulate consumer spend, and help disillusioned citizens.”
“Why do they ignore this common fiscal cry by the majority of businesses and public?” Boris, get rid of the biased and ill-informed Green Metropolitan Advisors. Listen to UK’s 37million drivers.
FairFuelUK believes that UK petrol prices should be 10p per litre lower than they are currently.
According to it, inflation could drop as high as 1% if prices were transparent and honest at pumps.
Costly: The global markets in FairFuelUK’s findings averaged 25p a litre cheaper than the UK for petrol, and 35p per litre cheaper for diesel
“No matter what, the Fuel Duty Tax will still be at 57.95p a litre. So, the government will not lose fuel tax revenue. As a result, VAT and corporate tax will rise as drivers and consumers spend more.
FairFuelUK calls on the Competition and Markets Authority (CMA) to examine the profiteering of fuel suppliers.
FairFuelUK will start a petition in the New Year asking for the Government’s introduction of PumpWatch.
FairFuelUK suggests that UK Fuel Forecourts display a PumpWatch Mark which shows how they accurately reflect the dollar-to-s sterling exchange rate changes as well as global oil prices. Regular scrutiny and spot checks are required to be eligible for the PumpWatch Kite mark.
Confused.com reported that on 23/12/2012, petrol prices in Britain were at 198.9p a litre and diesel prices at 199.5p a litre.
An average barrel of crude brent oil costs $79. Swastika Investment Mart’s head of commodities, Abhishek Chauhan said that Omicron worries are decreasing around the world, which has led to some optimism about demand. The market is expected to be positive in price.
Sometimes there is a delay between oil prices and pump prices. High retail prices may drop eventually if the price of oil remains depressed for long periods.
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