Currently reading: Petrol retailers deny profiteering
Trade body denies petrol retailers have been profiteering from the falling oil price

The trade body for filling stations in the UK has denied allegations that petrol retailers have been profiteering from the falling price of oil on international markets.

Although the price of oil has been falling steadily over the last couple of weeks, dipping back below $100/barrel, the retail price of petrol and diesel in the UK has continued to rise, provoking claims that filling stations are maximising profits before cutting their own prices.

“Prices for crude oil and forecourt fuel are obviously linked but they do not move in tandem,” says Ray Holloway of the Petrol Retailers Association, “therefore they do not automatically move up or down at the same time.”

Holloway also claims that international currency markets have been having an impact on UK prices: “all oil products are priced in US Dollars therefore exchange rate variation impacts on the retail pump price. If the exchange rate of 1 August (£1.974 to $1) applied on 12 September (£1.792 to $1) motorists would be paying approximately five pence less for each litre.”

Holloway added that he believes the price of fuel will decline during the Autumn, and that falls should be evident on forecourts within the next ten days.

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Penny9966 21 September 2008

Re: Petrol retailers deny profiteering

TegTypeR wrote:
£1.15 per litre for a tank of 99 Unleaded

This is why I tell my friends that Australian's should not be worrying about the price of fuel (yet). The weekly low for 95 octane petrol in Sydney this week was $1.42 which works out about £0.63.

What happens here though is that the petrol stations have a weekly cycle. What I mean by this is that Tuesday is the cheapest day to fill up, and Sunday being the most expensive. So this week it has been something like this:

Monday: $1.45, Tuesday: $1.42, Wednesday - Friday: $1.50, Saturday-Sunday $1.54

Profiteering???

230SL 20 September 2008

Re: Petrol retailers deny profiteering

meant buy not but

230SL 20 September 2008

Re: Petrol retailers deny profiteering

109.9p/l unleaded on the A59 out of York yesterday, fuel prices will come down when we but less, simple as that, if the government reduced duty, I do not believe the price would come down by a similar amount if at all. The price at the pump has nothing to with cost, just what the market will stand.