FairFuelUK has said that the recent massive fall in the price of oil continues not to be reflected at the pumps and is once more calling for a full pricing enquiry into why prices are not being passed onto consumers every time they fill up their vehicles. Following a meeting with Priti Patel The Exchequer Secretary to the Treasury she sent a letter to the campaign team saying she wants “to see strong action in this area” regarding an oil and forecourt pricing enquiry being carried out by the independent Competition and Markets Authority (CMA).
On 27 November the price of crude oil dropped below US$72 /bbl. The cost of oil is now below George Osborne’s tax increasing trigger level of US$75, meaning with the current price of oil he could put up duty by inflation plus 1p /l to compensate for lower North Sea Oil Tax revenues.
What FairFuelUK want
FairFuelUK is asking the Chancellor and the Treasury key questions in the lead up to next week’s Autumn Statement:
- FairFuelUK wants assurance for its supporters that a potential duty increase option, available to the Chancellor now oil has fallen below US$75 to US$72 /bbl, will not be taken up.
- With consumers rightly cross and confused, FairFuelUK and its 1 million supporters want the government to revisit the issues of oil price manipulation and forecourt pricing and use the CMA to set up an ‘OffPump’ type enquiry to bring transparency and clarity to this opaque market.
- FairFuelUK repeats its main campaigning call to Mr Osborne for his support for a 3p cut in duty in the Autumn Statement and/or March Budget, following its economic evidence that cutting duty is good for new jobs, increasing GDP and lowering inflation. FairFuelUK’s evidence has even been recognised by the Treasury.
- Will Mr Osborne please support FairFuelUK’s call for fuel pump receipts to clearly show all the taxes involved when filling up, not just the VAT component.
Quentin Wilson, lead campaigner with FairFuelUK said, “oil has fallen 40% since June. The dollar has risen 9% yet pumps prices have only fallen 6%. These numbers don’t add up. We need faster falls at forecourts and definitely no hike in fuel duty from the government. Who is manipulating prices at the pumps for profit and the expense of consumers? The Treasury has to act now!”
Howard Cox, founder said, “in the last 36 hours 18 000 FairFuelUK supporters have emailed the Treasury calling for an independent pump pricing enquiry and for a 3p cut in duty. Our supporters are angry that no one in government is trying to resolve this issue. High pump prices affect jobs, GDP, inflation, business investment and remains in the top 3 concerns of the public regarding their cost of living.”
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/02122014/oil-ffuk-call-again/