Pump price rises next shock for motorists

Brian Madderson, Chairman of the Petrol Retailers Association (PRA) has alerted Government and the media to the swift rise in the wholesale price of both petrol and diesel over the last week.

With forecourt stocks low or non-existent, any new stock will be bought at the higher wholesale levels which will see pump prices rising by up to 3ppl. The PRA points out that such rises are not “gouging” or “profiteering” by retailers during the present fuels crisis but entirely the result of global factors converging at the same time.

The price of Brent Crude has risen by over 50% this year and this has been exacerbated by the recent weakening of £sterling versus $US. In just over 12 months, pump prices in the UK have surged by over 25ppl hitting consumer pockets as higher inflation bites.

Oil prices have been driven by major producers including Russia and the OPEC countries reducing output whilst the major global; economies are recovering at a fast rate after the pandemic.