MP says

MP says ‘oil barons are the new oligarchs’ as firms rake in record profits

MPs have this morning complained that “unchecked” oil bosses have more than doubled forecourt profits over the last 3 years as wholesale prices have soared.

Retail and wholesale analyses by campaigners, FairFuelUK show firms make 126 per cent more on an average tank of petrol since 2016, according to analyses from RAC Foundation Data, Petrol Prices.com, Gov.uk weekly fuel prices website, and FairFuelUK Supporters Panel.

Since 2019 average yearly petrol pence per litre profits are up 51 per cent and Diesel up 42 per cent.

For the last 2.4 years, average yearly pump prices per litre for petrol have increased by 84 per cent and for diesel 80 per cent.

Robert Halfon MP, vice chair of the FairFuel APPG said: “Oil barons are the new oligarchs raking in billions of profits and multi-millions for salaries for oil company CEOs. Meanwhile hard-pressed motorists are being fleeced at the pumps. Margaret Thatcher was right in the 1980s to do it. I hope the Government considers it to address the unfairness but also to provide millions of families with a tax cut or rebates on their energy bills.”

Craig Mackinlay MP, who chairs the APPG said: “New data shows that oil companies & retailers are earning between 8p and 10p more per litre, or about £6 more per average tank than they were just four years ago. I’d recommend they implement an immediate 10p per litre cut in pump prices for both petrol and diesel which will revert forecourt profits to their long-term average. I don’t agree with windfall taxes, but I do support fair play. These companies are now taking consumers for a ride and must now do the decent thing in the face off an emerging cost of living crisis.”