Oil falls back to February price… but filling up car costs £17 more

Oil falls back to price it was in February… but filling up the car costs £17 more

  • Data by FairFuelUK campaign group sparked calls for another cut in fuel duty
  • Treasury making £10million a day more in VAT receipts now than August 2021
  • Analysis led to fresh accusations of ‘profiteering’ from big oil companies
  • Competition and Markets Authority further investigating causes behind rise

Filling up with petrol is £17 more costly on average than in February despite a barrel of oil being around the same price, new analysis shows.

The data, compiled by the FairFuelUK campaign group, sparked fresh calls for another cut in fuel duty.

According to the analysis, the Treasury is raking in £10million a day more in VAT receipts now than in August last year thanks to higher pump prices.

Despite a barrel of oil falling to £79.88 last week, petrol was 180.70p and diesel 190.70p, respectively £17.27 and £20.95 more expensive to fill the average family car than in February.

Filling up with petrol is £17 more costly on average than in February despite a barrel of oil being around the same price, new analysis shows

Tory MP Robert Halfon called for a pump price regulator, saying: ‘This is literally highway robbery from the big oil companies.’

The RAC said: ‘We continue to believe here is clear evidence that major retailers are incredibly slow to pass on falling wholesale costs.’

Former chancellor Rishi Sunak cut fuel duty by 5p a litre in March, but other European countries such as Germany have slashed it by up to 25p to help with the cost of living.

The analysis also led to fresh accusations of ‘profiteering’ from big oil companies.

A report by the competition watchdog last month found that the margins of oil refineries, which turn crude into petrol and diesel, have more than tripled.

The Competition and Markets Authority is to further investigate the causes behind the rise.

Tory MP Robert Halfon has called for a pump price regulator, saying: ‘This is literally highway robbery from the big oil companies’

Another Tory MP, Craig Mackinlay, said: ‘We are no closer to solving the conundrum of why pump prices remain at record highs despite wholesale oil prices returning to previous levels seen earlier in the year and should also be seeing the supposed benefit of a 5p per litre cut in fuel duty.

‘While I can appreciate that general supply chain costs will have increased, the CMA has further work to do to understand and explain the situation.’

Howard Cox, founder of FairFuelUK, said: ‘Tory Government, stuck in its self-absorbing overlong leadership contest, is allowing the fuel supply chain to ruthlessly exploit UK’s drivers completely unchecked.’ Pump prices have fallen after motorists were hit by a record hike in petrol prices in June as the average cost of a litre of unleaded rose by 16.6p to 191.4p.

Average diesel prices rose by 15.6p per litre, ending that month at 199.1p.

However, motoring groups say falls in the wholesale price of oil should be being passed on at the pumps quicker.

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