The shameless profiteering of Big Oil and Big Banks must end

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Market prices may have dropped, but these companies have seen their opportunity to keep prices high (AFP/Getty)

Shell is accused of a profiteering bonanza after making record profits. It’s disappointing for consumers but not surprising given that the same exploitative practices have been pervasive since the cost of living crisis began.

The oil and gas market price may have dropped, but these companies have seen their opportunity to keep prices high and profits even higher and have grabbed it with both hands. And just as “Big Oil“ has seen its chance to get the most out of its loyal customers, big mainstream banks have been doing the same.

The Bank of England base rate has risen exponentially over the last 18 months. Still, mainstream banks seem to have remained slow to pass these increased interest rates on to savers. At a time when consumers are struggling more than ever with the cost of living, it’s no longer acceptable for big corporations, including banks, to put profit above their customers.