PRA COMMENTS ON RECENT SURGE IN OIL PRICES

In response to the recent surge in oil prices, Gordon Balmer, Executive Director of the Petrol Retailers Association (PRA), denied forecourts are exploiting consumers with unfair profit margins.

He said: “Our members operate on razor-thin margins within a highly competitive market. To address the mounting costs of labor, energy, and the highest inflation rates seen in years, fuel margins have inevitably increased."

“Retailers are not immune to the shifts in the global crude oil price fluctuations. Recent reductions in Saudi Arabian production levels have exerted upward pressure on prices, directly impacting pump prices. Our members remain dedicated in their commitment to ensuring their communities are well-supplied with fuel and essential goods.”

He concluded: "We urge the Chancellor to maintain the 5p cut to fuel duty and extend the freeze on the tax, providing crucial relief to both retailers and consumers during these challenging times."

Ends

Notes to Editors

Oil prices have surged to $95 per barrel, marking the highest level this year, with Brent crude nearing $96 per barrel, a level last seen in November 2022. These price increases are the result of coordinated efforts by Russia and Saudi Arabia to limit production, resulting in heightened global costs.

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