Greedy oil giants fuelling the cost of living crisis by increasing profit margins, MPs warn

PETROL pirate oil firms are fuelling the cost of living crisis, MPs claim.

Price grabs by industry giants are hitting drivers.

The cost of filling up a family car has rocketed by 30p a litre in a year, while wholesale prices of petrol and diesel are up just 18p.

Hauliers fork out more to fill up delivery trucks — driving up food prices, while shoppers have cut back spending on clothes, dining and treats to the tune of £375million a month.

Tory MPs want talks with oil firms, supermarkets and fuel wholesalers about the creation of a voluntary watchdog to ensure fairer pricing at the pumps.

Robert Halfon, of the all-party group on fair fuel, said: “Motorists are being taken for a ride by greedy oil companies.

“Prices at the pumps are soaring, while oil companies are making excessive profits.

"We need answers from the industry as to why this is acceptable.”

MP Craig Mackinlay, who chairs the fair fuel group, added: “The cost-of-living crisis is already proving incredibly painful for many and sanity needs to be restored to petrol pricing as quickly as possible.”