PRA WARNS OF INCREASE IN FUEL PRICES AS CRUDE OIL SOARS BY 80%

Published 17/05/2016 00:00:00 in Press Releases

“The UK will experience an increase in fuel prices, as Brent Crude Oil rises 80% since January of this year” warns Brian Madderson, Chairman of the Petrol Retailers Association (PRA). 

Commenting on yesterday’s (16 May 2016) data reports that Brent Crude Oil was close to touching $50 per barrel (USA dollars), Madderson continued:

“It is remarkable that the increase in wholesale fuel prices have not yet fully reflected this years’ fast recovery in crude oil. As it currently stands, Crude Oil prices have not yet been factored into the pump price.”

Despite the increase in Crude oil, UK fuel prices have only risen by 6%, from 102.70ppl to 109.00ppl to date. When looking at future forecasts of petrol prices, Madderson said:

“UK pricing is now heading towards 115ppl for the summer. This is due to high demand, increased by the start of the ‘driving season’ in North America and a decline in Crude Oil stocks.

“With the impending EU Referendum and City Analysts worrying that the UK’s economic recovery is running out of steam, this new pressure on household budgets and businesses is disappointing.”

 


ENDS

NOTES TO EDITORS:

Katy Recina, Press and Policy Department
Tel: 020 7307 3422
Mob: 0776 602 2583
Press Office direct line: 020 7307 3422
Press Office fax: 020 7307 3406

Web: www.rmif.co.uk Email: katy.recina@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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