Oil price surge: UK motorists fury as petrol hits ‘miserable milestone’ of 190p a litre

Estimated read time 3 min read


The price of petrol per litre has shot up to 190p from 188.70p at the start of the week. WTI crude sold at $107.62(£87.75) a barrel on Friday evening while Brent Crude sold at $113.12 (£92.23) a barrel.

Although in percentage terms both figures indicate a slight price increase there has been a sharp fall in oil prices this week.

As recently as Tuesday WTI was selling for $111.75(£91.10) while Brent Crude was selling for $115.23 (£93.95).

One of the reasons for the fall is the increased supply in America stimulated by the US Federal government.

However despite the fall in wholesale prices UK motorists have yet to feel the impact.

For example the price of Diesel inched even closer to the £2-per-litre mark, setting a record of 198.46p per litre, up from 196.06p at the start of the week.

The AA said refuelling a van with an 80-litre Transit-size fuel tank now costs £158.77p this compares to £106.90p a year ago.

The motoring organisation argued that consumers faced ever-increasing prices when “the costs feeding through to the pumps have gone into reverse”.

Luke Bosdet, the AA’s fuel price spokesman questioned why the fuel trade was “ratcheting up the misery” for its customers. 

READ MORE: Pensions set to rise by 10 percent with triple lock reinstated

RAC fuel spokesman Simon Williams said that motorists’ anger was justified.
He said: “Drivers have every right to be angered by this.

“While there is no doubt petrol wholesale costs increased dramatically a few weeks ago, this is not the case now, so prices must start to fall for fuel retailers to retain credibility with their customers as well as not attracting the negative attention of the Competitions and Markets Authority.”

After a request from Business Secretary Kwasi Kwarteng, the authority is carrying out a review of the fuel market and how the Government could improve the situation for the public.

A Government spokesperson said it was “crucial” that the cut in fuel duty announced in Chancellor Rishi Sunak’s spring statement is passed on.

They said: “The Competition and Markets Authority is conducting an urgent review of the fuel market to ensure drivers are getting a fair deal.

“The 5p fuel duty cut is the biggest ever cut to fuel duty rates and will save the average car driver around £100.

“As a key part of our support to help people and families with rising costs of living, it’s crucial we ensure that it’s being passed on everywhere.”





Source link

You May Also Like

More From Author