Tag Archives: oil prices


Sunday, March 26, 2017

 

With Supermarkets, at last, driving down pump prices due to Brent Oil falling by 9% in Sterling since the beginning of February, the Government continues to say that 37m drivers see pump fill up costs reflect oil price changes within 7 weeks. But this claim is in no way reflected in the wholesale and retail data collected in the last 12 months**.

 

Everything about the shadowy world of the vehicle fuel supply chain has a musty repugnant smell about the way it formulates pump prices. In the last 12 months, the fuel supply chain has consciously held back wholesale changes amounting to at least £6billion*. Even ...


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Wednesday, October 12, 2016

As oil rises & Sterling weakens Fuel Suppliers opportunistically fleece UK Drivers at the Pumps. The APPG* on Fair Fuel for UK Motorists and Hauliers calls for the introduction of a new independent watchdog to monitor fair pricing and transparency at the pumps. FairFuelUK supporters are incensed by the latest blatant rocket increases in petrol and diesel, that will impact on inflation and growth in the economy. 


FairFuelUK said: 'In the 38 days Brexit to the 1st of August wholesale fuel prices fell 5%, oil dropped 10% yet pump prices hardly moved. But in the 11 days ...


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Tuesday, September 20, 2016
In the last month as the Brent oil price in Sterling has fallen 9.5% or £3.67 per barrel, wholesale diesel fell only 1.8% with petrol, in complete contrast, rising bewilderingly by 1.6%. We are reliably told that the average independent garage should reflect oil and wholesale price changes in just 7 days. True to type, in reality this continues not to be the case. With such significant falls in oil seen since 18th August, pump prices for diesel have instead been hiked by 1.89p and petrol by 1.71p per litre.
 
Data supplied from RAC Foundation ...

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Wednesday, August 3, 2016

Do you remember before the EU Referendum, Goldman Sachs via the AA, both saying that pump prices would rocket by 18 pence per litre? A plethora of highly paid PR Execs in motoring organisations jumped on project fear’s doom wagon to say the same.  See the published article here. 


We at FairFuelUK (that’s Quentin Willson and myself) said then, and have been proven right that this would never happen.  


BUT it's clear since June 24th that someone in the fuel supply chain is undeniably exploiting, even colluding against UK drivers and not passing on the published sterling falls in wholesale costs. See the graph of pump prices ...


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Monday, August 1, 2016
Supermarkets will at last cut pump prices by 2p per litre. Asda’s new national price cap will bring diesel down to 106.7ppl and unleaded down to 105.7ppl at all its 272 petrol stations. 

But there is is still no sign of most of the fuel supply chain passing on the recent reduced oil prices and published wholesale falls to UK motorists. Since the EU Referendum FairFuelUK estimates that over £400m has been held back by unprincipled fuel suppliers out of consumer spending and the consequential benefit to the economy. There is also huge variation across Supermarkets such as Sainsburys as shown below:

  • SAINSBURYS TUNBRIDGE WELLS = 110.9
  • SAINSBURYS ...

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Monday, July 18, 2016

We were told that petrol prices would soar if the UK voted to leave the EU. Concerned 'experts' cited the combined threats of currency shifts, rises in the price of oil and a general economic Armageddon. But oil and fuel wholesale costs have actually fallen since the 23rd of June by 3 to 4 ppl. Prices at the pump should therefore be lower by 3p but they're not - and the only reason we at FairFuelUK can find to justify this is speculation driven by a cloak of supposed market uncertainty.


Petrol particularly is being held at artificially high levels given that the wholesale price has fallen ...


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Saturday, July 2, 2016

FairFuelUK challenges fuel retailers following the EU Referendum result not to unscrupulously hike fuel prices more than is fair, using wheeler-dealer exchange rate and oil price speculation as misleading smokescreens to fleece 37m UK drivers at the pumps. 

Quentin Willson, TV Motoring Journalist and Lead Campaigner for FairFuelUK said: ‘We’ve done the maths* and crunched the numbers. Any rise above 3p a litre to reflect currency movements is just post-Brexit opportunism. If it transpires that the oil industry is trying to deliberately profit from the UK's current political and economic upheaval they should hang their collective heads in shame. This is how recessions begin.” 



...


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Monday, February 8, 2016
The news this week that the Institute for Fiscal Studies recommends that George Osborne should raise fuel duty to keep his deficit reduction on track has got economists scratching their heads. Everybody, including The Treasury, agrees that freezing fuel duty since 2011 has brought significant benefits to the UK economy. The CEBR has calculated that low transport costs have raised GDP by 0.6%, created 121,000 jobs and created an extra £11.6 billion of economic activity. Even The Treasury has admitted that ‘freezing fuel duty benefits the economy enough to offset almost all the immediate loss of tax income and the short term gains that have ...

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Monday, January 25, 2016

Seeing prices of 8.43p per litre (46 cents per US Gallon) in Michigan is economically mind-boggling for the UK motorist to grasp or experience. At this undreamed of level, State and Federal Taxes aggregate to a more UK recognised tax take of 74%. But that is where any across the pond comparison stops. How the US fuel supply chain can make any money at this price is fantasy and almost perilous in terms of commercial viability. But such local price wars are fleeting and only show the difference in motoring culture between the UK and our cousins in the US. UK retailers are constrained by ...

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Friday, January 22, 2016
UK motorists, businesses, white van men are deliberately being fleeced at the pumps as oil prices continue to tumble. With various businesses in the fuel supply chain from refineries to retailers shamelessly increasing their profits, our recent fuel pricing data from highly reputable sources shows that it is diesel that is being exploited predominantly at the pumps. 

Since May 2015, oil prices in sterling have fallen by over 55.8% and yet wholesale prices for petrol in the same period (net of all taxes) have dropped by only 39.9% and at the pumps even less at just 26.9%.

Whilst wholesale diesel prices have nearly ...

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