Petrol firms accused of profiteering

Petrol firms are accused of profiteering by failing to pass on Rishi Sunak’s 5p cut to fuel duty on to drivers at the pump

  • Experts have warned that petrol firms are profiteering from the energy crisis 
  • It emerged that they kept nearly half of Chancellor Rishi Sunak’s 5p fuel duty cut 
  • Ministers had urged forecourts to pass the cut to motorists to ease living costs 

Petrol firms are profiteering from the energy crisis, experts said last night, after it emerged they had kept nearly half of Rishi Sunak’s 5p fuel duty cut.

They are taking on average 2p more in profit per litre of fuel sold than they did before the Chancellor reduced the duty in March, the RAC has found.

Ministers had urged forecourts to pass the cut to motorists to ease living costs as fuel prices soar.

Petrol firms are profiteering from the energy crisis, experts said last night, after it emerged they had kept nearly half of Rishi Sunak’s 5p fuel duty cut (stock photo used)

But supermarkets and other petrol retailers could be making extra profits of £7million a month.

The RAC compared the average wholesale price of petrol and the retail price on forecourts before and after the duty cut.

In the month before Mr Sunak’s announcement, the average profit margin was 9p a litre for petrol and 6p for diesel. 

But this has risen to 11p for unleaded petrol and 8p for diesel.

Failing to pass on the cut would mean filling a family car with a 55-litre tank would cost up to £1.35 extra.

In the month before Mr Sunak’s (pictured in 2020) announcement, the average profit margin was 9p a litre for petrol and 6p for diesel

It costs £91.65 to fill up with unleaded petrol and £99.16 for diesel.

Tory MP Robert Halfon, who campaigned for the duty cut, told The Times: ‘These companies are fleecing motorists and seem to be the only people doing well out of the war in Ukraine and the cost-of-living crisis.

‘It is time the Government set up a pump-watch regulator.’

A Government source said retailers should ‘pass on the cut, not profit from it’.

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