Europe

‘We’re being absolutely ripped off at the pumps!’ Fuel expert slams ‘sickening’ profits

Public ‘being ripped off at the pumps’ says Howard Cox

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Founder of FairFuelUK, Howard Cox, told GB News that the Government is not doing enough to prevent the “sickening” profiteering of major energy companies. He claimed that while wholesale prices of fuel were going down, pump prices have “rocketed” upwards. He urged the Government to “cut down on fuel duty”, lightening the burden on the taxpayer, and introduce Pump Watch, a system that analyses and compares the cost of fuel across the country. 

Mr Cox said: “Fundamentally, what we are seeing at the moment is hard-pressed motorists being exploited. 

“People are being absolutely ripped off at the pumps and they have been being ripped off for about three to four to five months. 

“No one has done anything about it but the Government can do something about it. 

“They could cut back fuel duty, they could introduce Pump Watch, and that would probably give a saving to the average family of something like £15 to £20 per filling up. 

“Imagine what that £20 could do. It would go back into the economy. 

“The whole behavioural pattern of driving has changed. People are not visiting families. They are not going to the cinema. 

“They are not going to the theatre.

“They are not going to the high street regularly like they used to, so the high street is suffering. 

“The Government can sort it but they are stuck in economic torpor because of the leadership contest.”

On Tuesday, oil giant BP announced underlying replacement cost profits – its preferred measure – jumped to a far better-than-expected 8.5billion US dollars (£6.9billion) for the three months to June 30.

The announcement has caused anger as households struggle to cope with soaring bills, adding to the frustrations felt after fellow oil giant Shell and British Gas owner Centrica also reported bumper results last week.

Mark Ruskell, the environment spokesman for the Scottish Greens, said it was “obscene” that companies were “raking in record profits while millions of households are being hit like never before by bills”.

He said: “Things can’t go on like this. We need real and immediate action from the Treasury before costs go up again.” 

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It comes as household energy bills are likely to remain at more than two-and-a-half times their pre-crisis levels until at least 2024, a dire new prediction has warned.

Cornwall Insight, one of the country’s most respected energy consultancies, said bills will hit a staggering £3,359 per year from October for the average household, and not fall below that level until at least the end of next year.

The price cap on energy bills, which regulates what 24 million British households pay, will hit £3,616 from January and rise further to £3,729 from April.

It will begin to fall after that, but only slowly, reaching £3,569 from July before hitting £3,470 for the last three months of 2023.

The latest price cap predictions are hundreds of pounds above previous forecasts from Cornwall Insight, but are slightly lower than what another consultancy, BFY, has predicted.

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