Posted on: 28/04/2015
Even though drivers contribute £58 billion or almost 10% of the Treasury’s entire £582.6 billion UK tax-take, the need for fair pricing on UK forecourts has so far been largely ignored by politicians seeking the votes of the UK’s 35 million motorists.
The latest AA Fuel Price Report shows that average petrol prices have risen from 111.92p a litre in mid March to 113.29p in mid April, a 1.37p increase which adds 75p to the cost of filling a typical 55-litre petrol tank.
Diesel’s average price has also risen, adding 0.64p to the cost of a litre over the past month - up from 118.19p in mid March to 118.83p in mid April.
In contrast, though, the cost of oil feeding into pump prices has fallen. In the first two weeks of March, oil averaged $58.5 a barrel. In the opening fortnight of April, it has fallen to $55.7 or almost 5%.
This has angered petrol drivers, although fuel price transparency would have explained why oil and pump prices have gone in opposite directions. In the first two weeks of March, the wholesale price of petrol averaged $608 a tonne but that had risen to $613 in the first fortnight of April. And, with the value of the pound dropping from $1.511 to $1.481, the $2.8-a-barrel fall in the oil price turned into a 1p-a-litre increase at wholesale level.
For diesel drivers, transparency would have exposed a major price distortion at the pump, adding more than £3 to the cost of filling up a diesel car and £4.80 for a diesel van.
Source: The AA
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