Eastbourne and Willingdon MP Caroline Ansell is writing to the Chancellor asking him to set up a fuel price watchdog to police the industry.
Research by FairFuelUK found the cost of petrol and diesel at forecourts fall like a feather yet rise like a rocket – a situation that is ripping off motorists
Caroline is calling for an independent ‘PumpWatch’ body to monitor fuel prices and transparency, to be backed up with the power to levy fines to companies when profiteering is discovered.
“Fuel costs really do eat into hard working families' incomes and, although there are several factors in pricing that are out of our control, like currency values, it’s clear that prices at the pumps rise faster than they fall and something must be done to give fair value to drivers and stop them being ripped off,” said Caroline.
“A powerful watchdog would be able to act and stop unscrupulous business practices and so hand more money back to ordinary people. I hope the Chancellor will look closely at the idea.”
The FairFuelUK research found in the 38 days since Brexit to August 1st, wholesale fuel prices fell 5% and oil dropped 10%, yet pump prices hardly moved.
But in the 11 days between 27 September and 11 October, wholesale prices moved up 5% and pump prices soared.
Caroline added she would also ask the Chancellor to consider a reduction in fuel duty to help families even more.