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Closed Pass legislation to require fuel companies to reduce pump prices within 24 hours

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I want the Government to pass legislation forcing fuel companies to reduce pump prices within 24 hours when the price of crude oil falls.

Fuel companies are swift at increasing prices when the price of crude increases, but very slow in passing price reductions on to road users.

When crude oil prices increase, pump prices can increase within hours. When crude oil prices drop, it can take weeks for the price drop to reach the pumps.

Currently, the price of crude oil has dropped significantly in recent weeks, and yet petrol/diesel prices haven't changed very much and, normally, price reductions have been very slow in reaching the pumps.

Fuel companies should be made to reduce pump prices within 24 hours of a drop in crude oil price, and the drop should be fair and pro-rata.

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    This petition will stay open until 7 January 2021.