Campaigners are calling for petrol companies to cut fuel prices to £1 a litre before Christmas as oil prices fall to a seven-year low.
MP Jason McCartney, head of the All Party Parliamentary Group on petrol, spoke out before a hearing into fuel pricing, telling The Sun: “The dollar is strong, prices should be below £1 a litre. In parliament today, MPs will ask those in the supply chain. Why not?”
Amidst claims that retailers are making up to 12p a litre profit, campaign group FairFuel UK said that British drivers deserved a cut in fuel prices of between 6p to 8p.
RAC spokesman Simon Williams told the BBC: “All we need is for the supermarkets to do the right thing and embrace the season of goodwill by passing on those savings at the pump to make Christmas that much cheaper for everyone.”
Co-founder of FairFuel UK Howard Cox said: “When oil prices were at the current levels in 2008, petrol was averaging 88p.”
Owing to falls in the wholesale price of fuel, Asda and Tesco cut forecourt prices by 2p per litre yesterday. Asda’s petrol price was at just above the £1 mark, at £101.7p, though many expect this to dip lower.
In the past, the Opec oil cartel has cut production in order to sustain prices, but on Friday the group agreed that supply would be continued at usual levels, with a spokesperson telling the BBC: “If retailers don’t pass on the savings quickly, they will be giving themselves an unpopular Christmas boost to profits by pocketing the extra margin when they should really be passing this on to their customers instead.”
After completing his university studies in English and Creative Writing in Cardiff, Jack is now a full time motoring writer at Blackball Media. His love of cars stems from his childhood years when he began to live and breathe all-things automotive.