Calls for an independent fuel price watchdog grow following RAC report
A growing number of MPs and drivers are demanding the Government establishes an independent fuel price watchdog following the RAC’s analysis that retailers were making an additional £5m a day from higher than normal profit margins during December. Despite wholesale costs falling significantly, retailers only offered a tiny cut at the pumps.
An Early Day Motion (EDM) has been put down in Parliament with cross-party MPs showing support by signing. Early Day Motions are used to put on record the views of MPs and to raise awareness to specific events, news or campaigns.
The motion cites RAC data from December’s Fuel Watch release and recognises the challenging impact that high fuel costs are having on consumers. It calls on the Government to explore an independent pricing watchdog to protect drivers from overcharging at the pumps.
Meanwhile, a frustrated driver has also drafted a petition to the Government calling on it to introduce an ‘independent regulator to monitor and regulate vehicle fuel pricing.’ When a petition hits 10,000 signatures, the Government will issue a response to the subject raised, while a petition with more than 100,000 signatures triggers a debate on the issue in Parliament.
RAC fuel spokesman Simon Williams said: “December was a rotten month for drivers as they were taken advantage of by retailers who rewrote their pump price strategy, costing motorists millions of pounds as a result. Their resistance to cutting prices and to only pass on a fraction of the savings they were making from lower wholesale costs is nothing short of scandalous. The 10p extra retailers have added to their long-term margin of 6p a litre has led to petrol car drivers paying £5m more a day than they previously would have.”
In an interview with Times Radio in January, Transport Secretary Grant Shapps called on retailers to reflect wholesale costs by reducing their prices at the pumps.
Read more: Unfair fuel prices: competition watchdog finds 2022 most volatile year on record
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