Chris Davies MP has raised his concern over rising petrol prices hitting a 52-week high, with prices set to hit £1.20 by the end of October.
Forecourts seem to be refusing to pass on reductions when oil slumped 10 per cent in the weeks following the EU referendum result in June.
It came as the price of Brent crude oil hit the highest level in a year yesterday – more than £53 a barrel – amid speculation that Russia would join other oil-producing countries in cutting output.
Mr Davies said:
“I am extremely concerned at the way in which petrol prices have been rising in recent weeks. Over the last two years we have seen oil prices drastically decline, whilst at the same time only a partial reduction has been passed on to us at the pumps. Now it seems as soon as there is any news of prices for crude oil increasing, price rises are passed on immediately. This does not seem fair to me.”
“We live in a very rural constituency and the price of petrol can have a major impact on the livelihoods of people in Brecon and Radnorshire. Price rises such as these will have a particular effect on our farmers and the elderly, affecting our business and social lives as well.”
“I want to see the Government tackle this issue and was pleased to see my colleagues discussing setting up a watchdog to monitor the matter. Fuel costs need to be addressed and I will be working with fellow Conservative MPs to ensure a more effective strategy is put in place to monitor the industry"