Fuel prices drop by as little as ONE penny per litre despite 5p duty cut

FUEL prices have dropped by as little as a penny per litre despite Rishi Sunak's 5p duty cut to help hard-pressed drivers.

Last month the Chancellor announced a historic 5p cut to fuel duty in his Spring Statement in a huge win for The Sun's Keep It Down campaign.

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It should mean a total of 6p per litre off at the pubs when combined with VAT.

But many supermarkets and other fuel giants have failed to pass it on and were last night accused of "banking" the profits.

Petrol fell from 165.37p per litre on average, to 162.65 last week, and diesel went down from 177.47 to 176.44, the Government's own figures show.

MPs and campaigners have long pleaded for an independent watchdog to monitor fuel sales and protect struggling motorists from being ripped off.

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Tory MP and Chairman of the APPG for Motorists and Hauliers, Craig Makinlay told The Sun: "I’d given the oil companies the benefit of timing to allow replenishment of forecourt supplies before seeing the reduction feed through.

"Wholesale oil prices have softened over the past couple of weeks back to the $100 per barrel level and yet we’re still seeing peak prices.

"I’m left with the impression that the duty reduction has simply been banked. It’s time for a ‘Pumpwatch’ regulator with teeth to ensure fair play.”

Howard Fox of Fairfuel UK blasted: "The Treasury seems scared to take on the Oil Companies and Fuel Wholesalers, who are laughing their gold-lined socks off, because they know they are untouchable.

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"We should now be seeing pump prices crashing.

"Yet again, wealthy fuel supply chain businesses are pulling the fiscal wool over the Chancellor's Spring Statement.

"Had he introduced PumpWatch months ago, fill up costs would be considerably lower than now, with inflationary pressure eased too."

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Last night Downing Street piled pressure on pumps not to bank the profits.

The PM's spokesperson urged: "Obviously we want any savings from the cutting of duty passed on at the pumps."