FairFuelUk along with one million UK supporters, which include the Road Hualage Association (RHA) and the Freight Transport Association (FTA), have called upon Chief Secretary to the Treasury, Danny Alexander, to set up an Office of Fair Trading enquiry into the pricing process at the pumps.
This steps up the pressure on the government in the run in to next years General Election.
Danny Alexander has called for oil companies and retailers to lower their prices, this is something that has been described as ‘a bit rich and opportunistic’ by FairFuelUk as the government already take over 62% in tax.
FairFuelUk has called for a suggested 3p cut in fuel duty. The cut in fuel duty would be good for the country’s growth and help lower inflation.
For such an essential resource why is there no transparent, easy to follow pricing control in place?
The founder of FairFuelUk, Howard Cox, said "Our calculations show if you take Fuel Duty out of the equation, because oil has dropped by about 25% to 30% in the last 4 months. The pump price, which is currently averaging for petrol 124.9p, should be lower, at least 114.9p possibly even less with diesel about 3p to 5p more. We believe oil speculators are stopping the price decrease happening quicker for their own profiteering motives."
Quentin Willson, who fronts the campaign, 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 $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."
FairFuel claims support from over one million members of the public as well as organisations such as the RAC, the Association of Pallet Networks (
APN), UKLPG,
FTA and
RHA.
You to can help the campaign to lower fuel prices by visiting http://www.fairfueluk.com/ and signing the online support form.
