Petrol prices to jump 27/1/13
Fuel prices are set to rise by 4 pence per litre in the coming days petrol retailers
are warning.
It means pump prices have soared by about 41 pence a gallon since Christmas says
the Petrol Retailers Association (PRA).
The industry body which represents filling stations suggests speculators are driving
up the price of fuel to make a quick buck.
The PRA highlights that the wholesale price rises are unexplained and should not
be happening as refinery chiefs complain of a glut of petrol capacity. It says recent
arctic weather has cut fuel demand across northern Europe.
Brian Madderson, PRA chairman, wants the Office of Fair Trading to undertake a full
investigation into the workings of the UK market for road fuel.
Madderson continued: “Independent retailers have been soaking up this increase at
the expense of already tight margins because they know how hard the motorist is squeezed.
But the floodgates will have to open soon.”
He added: “We now need the new Chief Executive at the OFT, Clive Maxwell, to step
out from the shadows and help consumers by conducting a full market study that will
lift the veil of secrecy from the wholesale cost movements.”
Mr Madderson also urges chancellor George Osborne to abandon plans to increase fuel
duty from September.
“If fuel costs continue to rise as our sluggish economy and loss of AAA credit rating
weaken the pound sterling against the US Dollar, the Chancellor must abandon plans
to increase duty when he presents his Spring Budget.
“Householders and businesses will be hard pressed to cope with market fluctuations
let alone more Government tax intervention.”
MP Angus B MacNeil said: “This talked about rise in petrol prices, if it happens,
will affect every household and business.
“The Office of Fair Trading must show some resolve here and not stand back if anything
comes of this threatened rise.”