Greedy supermarkets are still charging Brits rip-off petrol prices despite wholesale oil cost falling
DRIVERS still face rip-off petrol prices as supermarkets rake in profits despite a fall in wholesale oil costs.
It has fuelled calls for a permanent PumpWatch to check greedy retailers.
Competition and Markets Authority figures show petrol companies made an average of eight per cent profit on fuel this year — double what they did five years ago.
But they have been slow to pass on savings to customers as oil prices fell from a high last year following Russia’s invasion of Ukraine.
Drivers pay at least 11p a litre more now than in May for petrol, adding about £6 to the cost of filling up an average 55-litre family car.
The figure rises to 13.9p a litre for diesel.
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Both The Sun and FairFuel campaigner Howard Cox have called for a PumpWatch to compare petrol prices.
Yesterday’s CMA monitoring report is based on voluntary data and the oil giant Shell, which owns hundreds of fuel stations, has not provided information to the regulator.
Mr Cox said: “The fuel supply chain continues to ride roughshod over drivers.
“It beggars belief that the government have not got PumpWatch fully in operation.
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“Had it been inflation would be much lower, more disposable income available for motorists and business costs considerably reduced.
“It’s a no-brainer and popular with voters.”
The CMA yesterday raised a concern many retailers had made “significant increases” to pump prices above wholesale oil market rates.
Chief exec Sarah Cardell said: “This is a market where competition is not working as well as it should.
“But while today’s report is an important step, it is based on voluntary information and is missing major fuel retailers.
“That’s why it is so important a permanent fuel monitor — with powers to demand information from all retailers — is put in place to give a fuller picture of how the market is working.”
We reported earlier this week the Government will not raise fuel duty in the Autumn Statement in two weeks.
Thanks to our Keep it Down crusade, fuel duty has been frozen at 57.95p since 2011.