I regularly speak to the Chancellor about the impact of the fuel duty freeze, which has now run for 12 consecutive years, in no small way thanks to my right hon. Friend.
My Harlow constituents strongly welcome the fuel duty freeze, and long may it continue. When wholesale oil prices rise, the cost at the pump rockets. The RAC and FairFuelUK have shown that average profit margins for diesel have increased by 150% in the past two years, with petrol margins at the pumps more than doubling. But when the global oil price comes down there is a feather approach; the savings are not transferred to the motorist. Will my right hon. Friend introduce a pump watch monitor to ensure fair prices at the pumps for motorists?
It is genuinely true to say that there is not a more expensive Member of Parliament. The cuts—or the freezes—that my right hon. Friend has persuaded successive Chancellors to make are now accumulating a £1,900 saving for a UK driver every year. He is right that when oil prices go up fuel prices seem to track very fast, and when they come down they are much slower. I will pay close attention to his idea.