Sunday, August 14, 2011
From the Sunday Times 14th August 2011
 
Petrol prices have risen by almost 2% although the price of oil has fallen by 18% (Kerim Okten)  
 
Campaigners have called on ministers to hold an urgent inquiry into claims that oil giants are profiteering from high petrol prices. The cost of oil has fallen by 18% in the past four months, but UK petrol prices have risen by nearly 2% to 136.58p a litre over the same period.
 
Peter Carroll, who heads the Fair Fuel UK campaign, said: "The fall in the price of oil is not being passed on to drivers and someone somewhere is making a lot of money out of that.” 
 
Meanwhile, as much as 170 tons of crude oil has leaked into the North Sea from a pipeline more than 100 miles off the Scottish coast. Shell, the oil company, was yesterday trying to stem the leak, which has left a slick about 19 miles long and three miles wide. If the initial estimate is accurate, it would be the worst spill around the coast of Britain for 10 years. Shell recently announced profits of more than £4 billion in the three months to the end of June. The price rises mean that filling up a family car now costs as much as £70. 
 
Carroll urged the government to cut the amount of duty on fuel, which accounts for about 60% of the price, and scrap a 3.6p per litre tax rise planned for January.  "By cutting the duty, the chancellor could reduce inflation and help economic growth,” said Carroll.  
 
BP, which operates 1,200 forecourts in the UK, last month announced profits of £3.4 billion, a year after the Deepwater Horizon disaster in the Gulf of Mexico. It said it aimed to ensure prices on its forecourts were competitive.



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[ posted by Jay Baker, 14.08.11 19:19 ]

To coin a phrase..'Competitive...my arse!' Who do the likes of BP and Shell think they are kidding...it's all about greed, nothing else!

Costs fall, prices rise.....there is definatley profiteering going on at some level during the chain. Let's also not forget that the government are also profiteering as they get more tax the higher the price....not only in fuel tax but also in VAT.

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[ posted by Richard jones, 14.08.11 19:23 ]

We are being, and dare I say allowing ourselves to be utterly fleeced in this country. These so called justifications regarding the continued high price of fuel are very much akin to the rambling excuses we get from the energy companies as to why they continually put up their prices to us. I thought we had regulators to control this blatant profiteering! Can someone please tell us where our money is going, because it is certainly not being invested in maintaing our road or helping to keep vital services like the NHS and Police!

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[ posted by Michael Houston, 15.08.11 00:07 ]

And so, the looting continues...

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[ posted by J king, 15.08.11 09:15 ]

What is annoying is the fact that the oil price has fallen yet petrol price has increased. Does this mean that when the oil price goes back up by the 18% it has fallen that the petrol price will also increase?

Also as the US dollar (the way oil is priced) has fallen, should this not automatically cause fuel price to drop again (at least to those of us spending £s)

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[ posted by John MacDonald, 22.08.11 09:32 ]

I think it is an absolute disgrace that the cost of petrol to the consumer has not fallen in line with the decrease in the cost of oil. When the dollar fell, the oil companies put up the cost at the pumps to compensate, when the dollar increased they failed to reduce the cost of petrol. I feel it is about time that the consumer began to fight back and demand cheaper fuel prices in line with the cost of oil cost. The likes of Tesco, Sainsburys, Morrisons, Asda, Shell, BT who always say they are representing the consumer, continually fail to pass on reductions, they should be boycotted until they can prove they are passing on fair prices for both both petrol and food, then they may be seen as fully supporting the consumer and their customer. The same goes for all the ,major retailers, if they want our custom, they should provide the benefits to the loyal customer in retaining them.
If retailers do not pass on the reductions in oil do not go to them. They will ultimately have to reduce the cost to the consumer, or risk losing them altogether.
Also make sure you
Yours
Angry driver.

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[ posted by VP, 25.08.11 14:09 ]

Have i missed something, all i read about in the papers is stock markets falling and the oil price crashing too as world economies splutter to a standstill, yet there is NO change at the pump price, even stripping out the USD fluctuation, the oil price has fallen 22 %. The level of profiteering is scandalous, even after adjusting for fuel duty rises. Are politician that frightened of losing party donations to scathe the powerful oil lobby? I am suuprised that in current climate the protests have not focussed around forecourts and BP/SHELL. High time to start a petetition on the Government website like the one regarding scrapping benefits for convicted rioters. Think we all know what sort of response there would be.

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