The cost of crude oil has plummeted to an 18-year low of $23 per barrel – equivalent to 12p per litre. This is cheaper than the 12.5p for a 1litre bottle of water at Sainsbury’s.
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Average petrol prices at the pump are 120p per litre – just 5p cheaper than the average pre-coronavirus lockdown.
But the wholesale cost of petrol has dropped a massive 22p per litre as demand falls off a cliff due to the worldwide travel restrictions.
This means firms are making an extra 18p profit on every litre motorists fill up at the pump.
The FairFuelUK campaign has estimated that oil firms have raked in an extra £20million of profits a day from the failure to pass on their savings to motorists during the coronavirus crisis.
And MPs have demanded the Government takes immediate action to stop the profiteering.
Howard Cox, founder of the FairFuelUK campaign, fumed: “The immoral fuel supply chain has been ripping off drivers to the tune of over £20million per day.
"This borders on criminal behaviour, using the Covid-19 crisis as a smokescreen to fleece the UK’s 37 million motorists even more than normal.
“Our essential workers need honestly priced fuel, so they are not under even more financial pressure to help us all.
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“The perennial cheating of the world’s highest taxed motorists, every time oil prices change, must be scrutinised by an independent PumpWatch body.
“The under-pressure Government must act now, to stop this chronic consumer abuse once and for all.”
Senior Tory MP Robert Halfon said: "Now in a time of national emergency, when every family, worker, NHS professional, delivery driver and small and medium size business worry daily about their health and financial security, the big oil companies should step up to the plate.
“They must help the Government cut the cost or living and pass on quickly the fall in international oil prices to drivers.
“When the coronavirus is over, those who helped the war effort will be judged, those who profiteered unnecessarily, will face harsh consequences."
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