Oil prices crashed 5% in just one day last week, yet the UK motorist won’t see any change in the cost of fuel at the pump unless a PumpWatch voluntary code and price monitoring body is employed, warns FairFuelUK.

FairFuleUK has proposed to government the implementation of a PumpWatch voluntary code, whereby the price at the pump better reflects the wholesale price of oil

The campaign body says that the pump price should fall two pence per litre (p/l) in the next week, despite government claims that pump prices reflect oil price changes within seven weeks – a claim that FairFuelUK disputes in relation to data collected and witnessed in reality at forecourts.

FairFuelUK points to 5 April and 21 May 2019, when the difference in the price of petrol at the pump was +6.5p/l, yet the wholesale cost rise was just +4.6p/l. Likewise, for diesel the cost at the pump rose 4.2p/l, yet the cost rise to retailers was just 2.1p/l. Meanwhile, the cost per barrel barely altered when those two dates are compared (£53.4 versus £53.2 per barrel).

Howard Cox, founder of the FairFuelUK Campaign said: “In the last 12 months, the fuel supply chain has consciously held back wholesale changes amounting to billions. Even if half of these figures had been in drivers’ pockets, what would that have done to consumer spending, inflation, jobs and economic growth?”

However, good news may be on the horizon with FairFuelUK’s proposed PumpWatch receiving initial positivity following a meeting on 24 April between the exchequer secretary Robert Jenrick with MPs from the APPG (all-party parliamentary group) and FairFuelUK.

Since that meeting, draft plans have been presented to the APPG MPs by FairFuelUK and are currently being refined and costed before being submitted to the exchequer secretary after parliamentary recess.

Douglas Ross MP and chair of the APPG Said: “Back in April, the Minister was receptive to the arguments for greater transparency on fuel prices and the aim to pass on price reductions quicker to consumers. We are working diligently with FairFuelUK and will shortly present our workable plans to the Treasury for a voluntary code. We will definitely progress this matter to make a big difference to drivers across the UK.”