OIL MARKET REBOUND HITS EASTER PUMP PRICES

Published 24/03/2016 00:00:00 in Press Releases

Petrol retailers across the UK are ‘desperately’ trying to hold down pump prices just in time for the Easter bank holiday weekend – with both the RAC and Highways Agency predicting millions of extra cars on the roads, said the Petrol Retailers Association (PRA). 

Brian Madderson, Chairman of the PRA added, “As forecasted before the Chancellor’s 2016 Budget, the oil market is beginning to rebound quite strongly. The wholesale cost of petrol has increased significantly by 6ppl over the last three weeks and diesel has also moved up with more than a 2ppl rise since early March*.

“During this time however, the average retail price for petrol across the UK has only increased by 2ppl to 104ppl** - once again killing off any notion that there is a ‘rocket and feather’ pricing approach taking place.

“The PRA’s plea to the Government to freeze fuel duty was well heeded following rumoured proposals to add another 2ppl in tax. This would have resulted in fuel cost misery for businesses and motorists alike.

“I think we are now well on our way back to 110ppl as the city is still forecasting a potential weakening of £sterling versus US$ in the run-up to the EU Referendum in June***.

“Even supermarkets competing for the Easter trade surge are pushing up their pump prices, with many now showing over 100ppl for both petrol and diesel. We expect sub £1 litre pricing to come to an end as we head towards the summer months.”

 

*     Wholesale cost from Platts

**   Pump price average from Experian Catalist

***  Clifford Chance study on ‘Potential impact of Brexit’

 

ENDS

NOTES TO EDITORS:

Rupal Rawal, Press Officer
Tel: 020 7307 3412
Mob: 07528 977 157
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk  Email: rupal.rawal@rmif.co.uk

The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.   

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