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Pump prices ‘should be 30p lower’ but greedy oil barons not passing on savings

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.

Back in February pump prices were 149.30p for unleaded while they’re still at 180p now, with FairFuel UK and Tory MPs reiterating calls for a Pumpwatch to keep tabs on the big oil.

The wholesale cost of fuel is now less than £80 a barrel - but costs at the pump have not dropped

The wholesale cost of fuel is now less than £80 a barrel – but costs at the pump have not droppedCredit: Getty

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.

They say that fuel in Germany is 35p a litre cheaper, and the cost of filling up has also dropped in France and Italy.

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.”