Displaying items by tag: UK, Business, Oil Giants Profits, Petrol Firms Fleecing Customers

Rishi Sunak implemented a 5p per litre cut in fuel duty in March, but retailers are taking profits of 2p per litre more than before the cut. The RAC said it seems some of the cut is being swallowed up by increased profits. Tory MP Robert Halfon, who has campaigned for fuel duty cuts, demanded action from his party’s leadership, saying these companies are fleecing motorists; nobody else is doing well out of the war in Ukraine and the cost-of-living crisis. The chancellor’s 5p cut has not been reflected at the pumps: ‘Time and time again we see global prices go up and overnight they’re reflected in pump prices. When it’s the other way round, it takes much longer.'