Price of fuel not expected to fall any time soon despite the wholesale costs dropping
Average cost of filling family car with petrol set to hit £100
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According to experts, the wholesale costs of fuel have now been dropping for some time. However, motorists have not seen that translate on to pump prices. According to FairFuelUK, in June the wholesale price of petrol fell by 14.9p per litre, but the pump price rocketed by 17.4p.
And now, an expert has exclusively told Express.co.uk that he is not expecting to see the prices fall any time soon.
Tom Hixon, Head of Instructor Support at Bill Plant Driving School, said: “On average it can take two weeks for wholesale prices to be reflected by the pump prices.”
However, Mr Hixon pointed out that multiple factors can affect this.
Some of them are the exchange rates and distribution costs.
The expert continued: “Therefore, the country’s current climate should be taken into account, along with global circumstances.
“With the cost of living increasing, it is difficult to predict whether the rise of these fuel prices will slow any time soon.
“Many amenities and services are having to increase their prices along with this inflation, therefore it is unlikely that the price of fuel will drop considerably.”
Mr Hixon added: “However, from comparing the current situation to those we’ve experienced in the past, it’s likely that the retail price of fuel will begin to slowly drop in line with the wholesale prices, easing the amounting costs being faced by the public.”
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FairFuelUK is now campaigning to bring the pump prices down.
It said that “there are so many evidential examples of obvious pump price exploitation in the last 20 years, but during Covid years and since the onset of the Ukrainian crisis, the big fuel supply chain businesses have reached the lowest of lows in ripping off UK drivers at will.”
Experts at FairFuelUK provided data to support their claims.
Their figures showed that the cost of petrol and diesel has not gone down despite the wholesale prices dropping.
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The experts said that in June the wholesale price of petrol fell by 14.9p per litre, but the pump price rocketed by 17.4p.
They added that had this wholesale fall been honestly passed onto drivers, petrol would now be around 170p per litre, not the average drivers now see at over 191p per litre.
The experts also raged over diesel prices.
They said: “In the last 20 years, here in the UK, diesel has always been priced higher than petrol.
“Whereas in the rest of the world, diesel is invariably cheaper than unleaded.
“So, it’s no surprise that derv continues to be seen as easy pickings for the greedy faceless oil companies, wholesalers and multiple forecourt owners.”
Since June 1 wholesale diesel increased by 3.5p yet retail price rose by a whopping 16.1p per litre.
Since June 14, diesel wholesale prices dropped by 7.2p per litre, yet filling up costs increased by 8.1p.
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