The government is facing calls to cap petrol company profits amid allegations big oil companies are benefiting from world events such as the wars in Israel and Ukraine.
Motorist group Road Angel is calling for petrol prices to be limited by law to put more money back into drivers’ pockets.
They claim the record profits enjoyed by oil companies in recent years are obscene, and they are calling on the government to introduce legislation to limit profiteering.
The big oil companies, including UK-based BP, have announced astonishing profit figures this year, bolstered by the surging price of oil and gas.
But while they rake in the profits, Road Angel says car owners are struggling to pay their energy bills and fill up their vehicles.
There have been calls for higher taxes on these companies, but now Road Angel has gone a step further by calling on politicians to introduce new legislation to cap profits.
They say oil companies are taking advantage of the political climate as Western countries, including the UK, have sought to avoid buying oil from Russia in a bid to avoid funding the Putin regime following the invasion of Ukraine.
Countries that didn’t want to buy from Russia had to pay much higher prices for oil produced in other regions.
Oil prices had already risen as economies reopened following Covid-19 lockdowns, and people needed more oil.
Oil and natural gas are crucial to almost every aspect of modern life. Petroleum makes petrol and diesel, and natural gas is used for heating and cooking. They’re also used in agriculture, electricity generation, and other industrial processes.
Earlier this year, BP reported record annual profits of $27.7bn (£23bn) for 2022, double the previous year’s figure.
Now, Road Angel is calling for urgent government action to tackle the issue and limit the profits oil companies can make in times of world crisis.
A spokesman said: “What’s happening daily at petrol station forecourts across the UK amounts to highway robbery. It’s far worse than that – at least Dick Turpin wore a mask.
“Ordinary motorists are struggling right now with the cost of living crisis, rising prices across the board and high inflation levels to deal with.
“The profits that companies such as BP enjoy are nothing less than obscene, and we are calling on the government to take urgent action to address the issue.
“We want to see a cap on the level of profits these companies are allowed to make, with anything above that being returned to the Exchequer to be spent on roads and infrastructure.
“We would also like to see a cap on the price of petrol and diesel, allowing motorists to retain more of their hard-earned cash.
“There is a failure in the market at the moment, and it’s time the politicians stepped in and took action rather than sitting on their hands.
“For these oil companies to be making cash hand over fist like this while ordinary drivers struggle to fill their tanks is nothing less than a national scandal. Something has to be done – and soon.”
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