Big oil firms must share bonanza with motorists
THERE is never a good time to slap the public in the face. This week’s results from the big oil companies have been an example of the most atrocious timing. BP’s announcement of its profits was followed yesterday by those of Shell, which notched up £6.6billion.
How do these extraordinary figures strike motorists and companies who are still hit by high prices at the pumps? The wholesale price of oil has halved since last July when it reached a high of $147 a barrel.
The answer is that it sickens and stuns them. Everyone knows that oil companies must be equipped to reinvest in renewable energy sources and that they are to some extent at the mercy of global political forces. Yet natural justice demands that large companies should show goodwill to their customers.
That is why this newspaper’s crusade for a cut of at least 10p a litre in the price of petrol is receiving support from many quarters.
Motorists do not want to hear excuses from the oil giants about the difficulties they face. Neither is there any point in the Government imposing a windfall tax which will only benefit the Treasury.
Let’s keep it simple. The oil companies must cut the cost of a litre of petrol and pass on some of that profit bonanza.