Fuel retailers make ‘shocking’ 19p a litre profit

Fuel retailers make a shocking 19p a litre profit and should be scrutinised by the government if they fail to cut prices, the RAC has suggested.

The RAC has noticed that consumers are yet to see the price drop at the pumps after they pointed out that oil prices fell by around 10 US dollars a barrel on Friday, November 26. The prices dropped in response to concerns about the Omicron coronavirus variant.

Its fuel spokesman from the RAC Simon Williams estimated “that fuel retailers make a ‘shocking’ 19p profit on every litre of fuel they sell, more than treble the pre-pandemic figure of 6p”. He went on to say that “fuel companies might ‘resent’ being told that their fuel is overpriced, but that doesn’t change the fact that they should cut prices”.

Government scrutiny

Mr Williams added: “If they don’t, we feel they will lose credibility with drivers, although it’s very difficult for motorists to vote with their feet because they have nowhere else to go. “If a substantial cut doesn’t materialise, we feel this is worthy of government scrutiny as there’s no public body monitoring fuel prices to see if they’re fair.

“With fuel prices at record highs drivers are in dire need of some respite at the pumps and now it’s impossible to blame the prices on rising oil costs.

“It seems as though retailers think they can get away with charging more for fuel because of the public’s general acceptance of rising energy prices.”

Retailers argue that prices are not just reflecting volatile oil prices but also increases in their own costs through things like wages and electricity, but is it fair that these fuel retailers are allowed to make such a profit especially as the price of oil has dropped so dramatically?


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Comments


    • Herbert Lichtenwald

      30 November 2021 • 10:56

      This is called a free market economy and this has given us a certain level of prosperity over the past 60 years and has improved our lives
      now do the socialists, who have always been the destroyers of the world, want to abolish this again?

      Reply
    • Herbert Lichtenwald

      30 November 2021 • 10:56

      This is called a free market economy and this has given us a certain level of prosperity over the past 60 years and has improved our lives
      now do the socialists, who have always been the destroyers of the world, want to abolish this again?

      Reply
    • Herbert Lichtenwald

      30 November 2021 • 10:59

      the tax for petrol in facist Germany is about 65 cent, but nobody gets upset about it
      I call this “theft”

      Reply
    • Herbert Lichtenwald

      30 November 2021 • 10:59

      the tax for petrol in facist Germany is about 65 cent, but nobody gets upset about it
      I call this “theft”

      Reply

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