PRA RESPONDS TO RAC ANNOUNCEMENT ON PETROL PRICES

Published 09/12/2015 00:00:00 in Press Releases

“The Petrol Retailers Association remains sceptical following this morning’s announcement that the RAC has predicted petrol prices should drop to £1 a litre before Christmas if retailers ‘do the right thing’ and pass on savings from the lower oil price”, comments Brian Madderson, Chairman of the Petrol Retailers Association (PRA).

Earlier this week, the price of Brent crude oil fell below $40 a barrel for the first time since 2009.

The PRA believes that it is the UK wholesale cost in pence per litre (ppl) that drives pump pricing and there is no direct linear relationship to changes in Brent crude oil prices.

Madderson continues, “According to Experian Catalist the average price for petrol in the UK is still close to 107ppl, and the wholesale price last night was only 0.37ppl less compared to mid-October.

“It would require a substantial period of time for Brent crude oil to remain at or below $40 a barrel, and for the wholesale price to fall dramatically in order for us to see pump prices fall to the predicted level by Christmas or even the New Year.”

 

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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