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Fuel prices declining yet customers still paying more at the pump

Published: 02/02/2017 by Comments

Diesel and petrol prices increased on average by 2p per litre last month, despite the stability of wholesale prices! Motoring groups are confronting fuel suppliers, the Government and supermarket retailers for withholding this information from customers.

The automotive organisation RAC have stated that motorists should be angry at the continued price increase when there has been no change in wholesale prices. In fact, diesel prices have actually gone down! So what’s going on?

RAC fuel spokesman Simon Williams stated: Motorists are being affected by price increases at the pump unnecessarily because retailers are not ensuring that their prices line up with the price changes taking place within the industry.”

He went on to state: “Diesel and petrol have had 5p added to the pump price within the last two months which means that filling up a tank is starting to get expensive for motorists. But the January price increases are unacceptable, since retailers are not reflecting wholesale prices. Meaning customers are paying more when they should be paying less.”

Supermarkets have hiked their prices up to as much as 5p per litre when they should be marking them down.

Pump prices have been on the increase since March 2016, this has been due to the increase in oil prices.

However, the average price for a barrel of oil had remained stable at $54 in the month of January and there was a 3 percent improvement in sterling exchange rates which helped to reduce the price of fuel when trading in dollars.

At this point, motorist organisations are urging retailers to be honest with their customers about pump prices. When there is a shift in the market everyone is made aware of a price increase or decrease. Therefore, customers should be informed immediately.

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