Fuel prices around the world have shot up this year after being hit with supply chain issues, the ongoing coronavirus pandemic and rising crude oil prices. November saw petrol and diesel prices hitting their all-time highest price in the UK, just a matter of weeks after the UK was rocked by a fuel crisis.
Howard Cox, founder of FairFuelUK, has repeatedly called on the Government to introduce a petrol pricing watchdog for the benefit of drivers.
He said: “Boris and Rishi’s head in the sand economic management of the fuel supply chain’s unchecked opportunistic profiteering, beggars belief.
“The huge amount of VAT being generated by the eye watering pump prices, is great for the Treasury, but these greedy rip off prices are crippling low income families, small business and are accelerating the rise in inflation.
“It is in the Prime Minister and Chancellor’s hands to order a CMA enquiry, introduce PumpWatch, stimulate consumer spending and help disillusioned voters.
Despite this, many drivers have experienced the high petrol prices as well as a sharp drop in fuel economy, resulting in having to buy more petrol.
This is why FairFuelUK is calling on the Government to take action, arguing that fuel duty tax will remain at 57.95p per litre, so that revenue would remain.
Drivers and consumers would spend more on other goods if petrol prices were lower, so VAT and corporation tax would increase as a consequence.
They also found that if pump prices were to be lowered, it could cut inflation by as much as one percent.
In the new year, FairFuelUK is to launch a petition calling on the Government to introduce PumpWatch.