David Crausby MP is calling on the Government to bring down petrol and diesel prices at the pump.
Since May 2015 global oil prices have fallen by over 55.8% and yet at the pumps petrol prices have fallen just 26.9% and diesel 34.6%.
This shows that while prices have fallen the oil industry is not fully passing savings on to UK motorists and businesses.
Bolton North East MP David Crausby has tabled a motion in Parliament to highlight the lack of action by industry. The motion calls on the Government to work with the Competition and Markets Authority to ensure that pricing remains competitive to stop consumers being ripped off. The Early Day Motion is open for all MPs to sign in support and if enough MPs give their backing it would pressure the Government to take action.
David Crausby said:
“The cost of fuel has a major impact on life in the UK. For motorists it’s a major part of their household budget, for businesses it can be the difference between making a profit and closing down. When the cost of oil drops we should be feeling the benefits but the price at the pump is very slow to come down. If this reluctance to provide fair pricing continues the Government needs to step in and make sure the regulators are doing their job properly.”
(image credits: mirror.co.uk)