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Danny Alexander calls for oil price cuts to be passed onto drivers

November 6, 2014 12:01 AM
Originally published by UK Liberal Democrats

Liberal Democrat Chief Secretary to the Treasury, Danny Alexander is calling on fuel companies to pass on the reduction in oil prices to motorists at the petrol pumps.

In a speech to the Highlands and Islands Branch of The Energy Institute, Danny will say:

"'Especially in the current economic circumstances people would rightly be angry if they feel that pump prices don't fall as much as they should on the back of falling oil prices.

"I believe it's called the Rocket and Feather effect.

"The public have a suspicion that when the price of oil rises, pump prices go up like a rocket.

"But when the price of oil falls, pump prices drift down like a feather.

"This has been investigated before and no conclusive evidence was found.

"But even if there were a suspicion it could be true this time it would be an outrage.

"So I will be writing tomorrow to the major players involved in the distribution and sale of petrol& diesel seeking their assurance that they are doing all they can to pass on the benefit of falling oil prices as quickly as possible.

"When the price of oil falls, the public have a right to expect pump prices to fall like a stone, not a feather.

"I have made sure over the last four years that Government has helped with the cost of fuel. And when the Oil price falls, industry must do all it can to help too. It is in your interests that this happens."