Shell profits highlight inequity of fuel supply

Carla Lockhart MP • February 2, 2023

Upper Bann MP Carla Lockhart has said that reports that Shell has reported record annual profits, the highest in 115 years, further evidence the need for the Government to introduce to regulate the supply of oil and gas within the UK, to shelve any suggestion of increasing fuel duty in March.

Carla Lockhart said:

 

“I think most people driving into the forecourt at the local Shell filling station and paying around 165.9p per litre for diesel, will react to the news that the company has reported their highest ever profits with a degree of fury.

 

Whilst the company only derives around 5% of its revenue from the UK, it is clear that whilst the motorist pays more at the pump here, and the householder pays more for gas and heating oil, the supply chain is lining the pockets of the big oil companies.

 

This further evidences the need for some enhanced regulation of this market in the UK. In April we will see household energy bills rising again, whilst energy firms enjoy record profits. We also have the Chancellor suggesting a 12p increase in fuel duty, whilst energy firms profiteer at the pump. Such a move is totally unacceptable.

 

This news should spur the Government to not just look at inequity in the supply chain, but also the rate of the windfall tax. Consumers deserve a fair deal.”

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