Shell posts highest quarter's profits in over 100 years

By rotide
Created 05/05/2023 - 06:53

When inflation is running at over 10 pct and we are still in an energy crisis, Shell's record profits of just short of US10 billion for Q1 2023, has caused widespread anger, except of course for their shareholders.

They join BP in the hall of shame accused of profiteering on the effects of the war in Ukraine that drove fuel prices painfully higher.

Those of us that drive diesel vehicles, that are incidentally having to pass the MOT and emissions test, are now considered open house for overcharging and for some months in 2022 when the price of wholesale fuel was dropping, the pump price of diesel was virtually fixed at 199.9  per litre... no matter what was going on in the wholesale markets. Petrol was for large periods of time, an incredible 30p lower. The only reason diesel didn't crash through the 2.00p per litre barriers was increased rip off visibility that might have called attention to the price difference.

Sure, one of the excuses given for this huge gap in fuel pricing was less diesel refining capacity available because of the war, but when there is a feeling that diesel drivers are up there with serial killers, is this where the massive profits are being made?

This rip off has been confirmed by RAC Fuel Watch who have found that even when the wholesale prices of petrol and diesel are the same, the pump price of diesel is about 16 to 20p higher and on many occasions should actually be lower but good luck on that front.

 In tough times we should expect more from our fuel and energy suppliers not have them make consumer and business lives so much harder by their corporate greed and the part they have clearly played in driving inflation to where it is today.

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