Wednesday, 12 November 2014

Fuel price drop expected after fall in oil price

The Chancellor, George Osborne, has said the government will be watching petrol and diesel
distributors “very carefully” to ensure they pass on oil price reductions to customers.

Oil has fallen from about $115 per barrel in June to about $84 per barrel, a decline of about a quarter.

In comparison, petrol prices in the UK have fallen from a high of about 131.7p per litre in the summer to 124.22p – a decline of about 6%.

Diesel dropped from 136.37p to 128.58p.

Campaigners argue that taxes account for the bulk of UK pump prices, and that the government therefore has more power to reduce prices than petrol companies.

“our message is clear – the oil price has fallen and we expect that to be passed on to people at the
petrol station filling up their cars,” said Mr Osborne.

“We expect the oil companies to do this and we will be watching very carefully to make sure they do.”


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