DUP MP Gregory Campbell has complained that fuel prices at the pump do not reflect drops in oil prices by up 50 per cent over recent years.
The East Londonderry MP asked the Prime Minister David Cameron if action will be taken against fuel companies to ensure price drops are passed on to consumers.
Speaking at Westminster on Wednesday (January 14), Mr Campbell said: “The Prime Minister will be aware that members of the public and small businesses across the UK have had to endure very high fuel bills in recent years when oil prices were averaging more than 100 dollars a barrel.”
The East Londonderry DUP MP said that the huge drops recently witnessed in the price of crude oil were not being passed on to motorists and householders.
He stated. “In recent weeks, that price has dropped steadily and now stands at less that half that level. However, fuel prices at the pump have not been reduced by anything like that amount. Last week, the Chancellor indicated that some action would be taken against the fuel companies. Will the Prime Minister outline what action that will be?”
Mr Cameron replied: “First, we should welcome this fall in oil prices. We are beginning to see prices fall quite substantially at the pumps, but I agree with the hon. Gentleman that we want to see them go down further and faster.”
He added: “Some of this will depend on the buying strategies that the fuel companies had, but we will ensure that the competition authorities and the Government do everything they can to ensure that those fuel prices are passed on.”