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Fuel prices fall by just ONE penny per liter despite a 5 pence tariff cut

Fuel prices have fallen by just a penny a liter despite Rishi Sunak’s 5p tariff cut to help hard-pressed drivers.

Last month, the Chancellor announced a historic 5p fuel tax cut in his spring statement, which was a huge win for The Sun’s Keep It Down campaign.

MPs and activists have long advocated an independent regulator to monitor fuel sales

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MPs and activists have long advocated an independent regulator to monitor fuel salesCredit: Alamy
The Chancellor announced a 5p fuel tax cut, a massive win for The Sun's Keep It Down campaign - but some fuel giants aren't passing the savings on to customers

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The Chancellor announced a 5p fuel tax cut, a massive win for The Sun’s Keep It Down campaign – but some fuel giants aren’t passing the savings on to customers

Combined with VAT it should mean a total of 6p per liter discount in pubs.

But many supermarkets and other fuel giants failed to pass it on and were accused last night of “banking” the profits.

Petrol fell to 162.65 last week from an average of 165.37 pence a liter and diesel fell to 176.44 from 177.47, the government’s own figures show.

MPs and activists have long advocated an independent regulator to monitor fuel sales and protect struggling motorists from rip-offs.

Tory MP and leader of the Motorists and Haulage APPG Craig Makinlay told The Sun: “I had given the oil companies the benefit of timing to allow for the replenishment of service station stocks before the reduction is enforced.

“Wholesale oil prices have fallen to the $100 per barrel level in the past few weeks and yet we are still seeing spikes in prices.

“I have the impression that the duty reduction was simply added to the account. It’s time for some ‘pumpwatch’ regulation with bite to ensure fair play.”

Fairfuel UK’s Howard Fox fumed: “The Treasury seems afraid to take on the oil companies and fuel wholesalers who are laughing at their gold-lined socks because they know they are untouchable.

“We should now see pump prices plummet.

“Once again, wealthy companies in the fuel supply chain fiscally hoodwinked the Chancellor’s spring declaration.

“Had he introduced PumpWatch months ago, fuel costs would have been significantly lower than they are now, and inflationary pressures would also have eased.”

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Last night Downing Street put pressure on the pumps not to bank profits.

The Prime Minister’s spokesman urged: “Of course we want any savings from the tariff cut to be passed on to the pumps.”

https://www.thesun.ie/motors/8607383/fuel-prices-drop-one-penny-fuel-duty-cut/ Fuel prices fall by just ONE penny per liter despite a 5 pence tariff cut

Fry Electronics Team

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