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Government urged to set up fuel pump pricing watchdog | theHRD

What we pay to fill up our cars vans and trucks isn’t regulated at all. And having no government overseer or impartial pricing body means that how, when and why forecourt prices rise, and fall remains a closely guarded secret. Howard Cox, Founder – FairFuelUK.

FairFuelUK along with hundreds of MPs and their constituents want this to change. We’re recommending an independent PumpWatch body to ensure everybody understands how road fuels are priced and that the 37 million drivers in the UK get the fairest and most transparent deal possible.

For example, nearly 5p per litre of wholesale falls have not been passed onto drivers at the pumps in the last few months. Equivalent to opportunistic profiteering by fuel supply chain businesses of £14m each day. That’s what hard pressed motorists are forking out in extra cash, to line the pockets of greedy speculators, wholesalers and oil companies.

FairFuelUK founder Howard Cox said: “The pump price lottery game continues to go unconstrained. Hard pressed motorists, hauliers and van drivers haven’t a clue when oil prices change, what they will pay when filling up at the pumps. The one certainty though, the maverick fuel supply chain sees their profits rocket, everyday rubbing salt into the wounds of the already highest taxed drivers in the world. A PumpWatch price monitoring watchdog, like OfCom, OfWat and OfGem is critical for honest and fair prices at the pumps.

Ex-Minister Mr Robert Halfon MP said: “Oil fat-cats are ripping off motorists and taking them for fuels. They are behaving worse than bankers. It’s time for a new regulator to ensure a fair deal for hard-working motorists.”

Had the fuel duty escalator continued as planned from 2011 onwards, this levy today would be 83.33 pence per litre rather than 57.95 pence per litre, 43.8 percent higher. We estimate that this would mean pump prices around £1.70 plus. What would that cost of filling up have done to our economy, small businesses and more importantly, those real people who are ‘just about managing’?

AND why is it, the whole of the developed world puts lower fuel duty onto diesel and therefore is always cheaper than petrol? Those administrations, unlike here in the UK, recognise the commercial heartbeat of the economy is haulage and distribution.

Our Treasury instead, sees all drivers as pure cash cows.  Here in Blighty, diesel tax is 60 percent, with France 58.5 percent, Germany 51.8 percent and little old Luxembourg at just 44.1 percent.
Our 57.95p per litre in fuel duty level towers over Australia’s 21p and the US’s at 10.4p per litre.

Why are UK drivers so punished by our Government that claims to believe in low taxes as a way to stimulate the economy? Howard Cox said: “Sadly, despite the very welcome hold in fuel duty, this Government still does not get it. Mrs. May’s reason for continuing the freeze was down to rocketing oil prices. Yes, that’s right, it’s not being held, for economic proven common sense to boost the economy and help hard-pressed drivers.

Read complete article here:

Government urged to set up fuel pump pricing watchdog | theHRD.

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