We'll not tolerate profiteering on back of war - Sunderland Central MP Lewis Atkinson on rising petrol prices
Sunderland Central MP Lewis Atkinson has vowed to the city’s residents that the Government will intervene and “not tolerate” any profiteering by petrol and diesel providers taking financial advantage of the ongoing conflict in the Middle East.
Following the USA and Israel launching air strikes on Iran, the price of both diesel and petrol has risen sharply with the pinch being felt by motorists at the pumps.
Crude oil is a key ingredient in petrol and diesel, meaning higher wholesale costs make filling up a car more expensive.
Since the war began, the price of a barrel of Brent crude - the global benchmark for oil prices - has risen from $73 to $101 (Monday, 16 March).
Analysts say every $10 increase in the oil price pushes up pump prices by roughly 7p a litre.
The most recent data from motoring organisation the RAC shows that since the war began, average petrol prices have risen by 8.6p to 141.74p a litre.
Diesel has increased by 18.8p to 161.20p and these prices are likely to go higher.
One of the main reasons for the escalating prices at the pumps is due to oil tankers being unable to pass through the Strait of Hormuz in the Middle East due to the ongoing conflict.
In a post on social media, MP Lewis Atkinson said: “Petrol prices are increasing due to the Iran war - as a driver I know that’s a key cost of living pressure.
“The cost of fuel in Sunderland currently varies by 10p/litre between petrol stations.
“I want to see the war end as quickly as possible. The situation is not only dangerous with lives being lost, but it’s also bad for the cost of living here in Sunderland and the UK and the whole global economy.”
In a bid to ensure petrol providers don’t artificially increase prices at the pumps on the back of the ongoing conflict, the Government introduced a mandatory fuel finder platform to both inform customers and the Government of any changes in prices at the pumps.
Retailers must report any changes within 30 minutes of them being implemented.
Chancellor Rachel Reeves and Energy Secretary, Ed Miliband have already called on the industry to explain why prices vary so widely, how quickly forecourts respond when costs ease, and what immediate steps firms will take to make sure motorists aren’t left paying over the odds.
Mr Atkinson said: “The Government has forced retailers to report their live prices to ‘Fuel Finder’, so motorists can easily shop around, and it’s made clear we will not tolerate any profiteering.
“Fuel duty is frozen until September, that will also be kept under review.”
Mr Atkinson has also asked for residents’ views on both petrol prices and the war.