The wholesale cost of fuel is now less than £80 a barrel – a price not seen since the war in Ukraine started – but costs at the pump have not dropped.
They say the Treasury is taking in an extra £10m of VAT per day from the soaring costs and a new fuel duty cut should be imposed by the new PM.
Tory MP Robert Halfon said: “This is literally highway robbery from the big oil companies.
“We need PumpWatch now, to ensure that motorists have a proper watchdog to investigate what appears to be racketeering.”
And Tory Craig Mackinlay added: “We should be seeing reductions of at least 25p per litre across all pump fuels; the public have reached their own conclusions that excessive profiteering is at play.”
Howard Cox, Founder of the FairFuelUK Campaign said: “The foul stench of profiteering gets even more overpowering.”