The one million UK supporters of the FairFuelUK campaign have called on Danny Alexander to set up an OFT enquiry into the pricing process at the pumps.
Alexander’s recent call for oil companies and retailers to lower prices today is relatively opportunistic considering the government already takes over 62% in tax.
FairFuelUK has called for a 3p cut in duty since it has proven that cutting duty is good for growth, new jobs and lowering inflation. For an essential resource so important to the public, haulage industry, businesses and the economy, the campaign questions why is there no transparent pricing control.
Howard Cox founder of FairFuelUK said: "Our calculations if you take fuel duty out of the equation because oil has dropped by about 25 - 30% in the last 4 months. The pump price - which is currently averaging for petrol 124.9p - should be at lower at least 114.9p possibly even less with diesel about 3 to 5p more. We believe Oil Speculators are stopping the price decrease happening quicker for their own profiteering motives."
Quentin Willson of FairFuelUK added: "We can't have a posse of speculative operators, led by the big banks, playing games with our financial future. The recession in 2007/8 began when the supply chain buckled under the weight of the US$ 145 barrel. We simply cannot ever allow that to happen again. In our opinion, the sooner we have legislation to stop opportunistic oil speculation by non physical trading activity, the better."
Adapted from press release by Katie Woodward
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/06112014/fairfueluk-challenges-pump-prices-1569/