Cost of Living Crisis is Perfect Storm to Fleece UK Drivers Again

Howard Cox Founder of FairFuelUK comments on the recent reports that Shell has recorded its second highest quarterly profit on record.

“Shell’s continuing opportune huge profits are as a direct result of exploiting global energy price insecurity, nefarious gambling on related commodity prices, taking advantage of a tax break brought in by Rishi Sunak. and their ruthless exploitation of drivers at the pumps.”

“Healthy profits are vital, but profiteering must be checked. It is clear that in the last three years the fuel supply chain has more than doubled its retail margins at the pumps. We must not blame the small independent garages as they are not profiteering. No, it’s the big wholesalers and branded oil corporations who supply them, that are still fleecing the UK Economy, the world’s highest taxed drivers and making our cost of living even more dire.”

“I feel physically sick the Government still does nothing to ensure pump pricing is fair, honest and transparent. An indepednent consumer pricing watchdog, PumpWatch would be simple to implement and popular with voters. The billions of extra VAT from high pump prices, notably from the dishonest cost of diesel, that the Treasury continues to enjoy is clouding this Government’s decision making, to act on behalf of consumers and alleviating the cost of living crisis.” “Rishi Sunak must recognises that cutting Fuel Duty and creating PumpWatch is the quickest and most effective route to lowering inflation. But he sees diesel and petrol as pure cash cows to the Exchequer and not the popular and best way to stimulate growth. The whole nation needs low transport costs. Why the hell does our new PM not see that too?

The following graph highlights the levels of profit in the fuel supply chain in recent years, notably the doubling of margins in the last 3 years that correspond with increased big branded Oil Corporation profits. Data sourced from RAC Foundation, Petrol Prices.com and FairFuelUK PumpWatch Panel.”

The following graph highlights the levels of profit in the fuel supply chain in recent years, notably the doubling of margins in the last 3 years that correspond with increased big branded Oil Corporation profits. Data sourced from RAC Foundation, Petrol Prices.com and FairFuelUK PumpWatch Panel.