As petrol price rises hit forecourts, is 'market speculation' to blame?

 

Michael McCarthy
Friday 25 January 2013 12:17
Comments
Wholesale petrol cost changes could see prices go up by another 4p at the pumps in coming days
Wholesale petrol cost changes could see prices go up by another 4p at the pumps in coming days

Petrol price rises of up to 4p per litre are set to be posted in Britain’s 8,000 service stations from next week, provoking fierce criticism from motoring organisations.

The rises, which some fuel retailers suggested were due to “speculation” by traders in the wholesale market, will start filtering through as new stock arrives in tankers.

“This news could not have come at a worse time for the tens of millions of households who rely on their car,” said the RAC’s technical director David Bizley.

“It’s hugely disappointing for motorists that another painful price rise is looming, particularly as it comes so quickly after the good news that the Government has scrapped the planned January 3p fuel-duty increase.”

The Petrol Retailers Association, which represents forecourt operators and motorway service outlets, said wholesale prices had already risen by 5p a litre since Christmas.

Chairman Brian Madderson said: “We cannot explain to our customers why the wholesale price is going up so much – it is not due to Government tax, it is not due to Brent crude going up and it is not due to the weak currency exchange. So are traders, bankers or speculators taking British motorists for a ride?”

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Please enter a valid email
Please enter a valid email
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Must be at least 6 characters, include an upper and lower case character and a number
Please enter your first name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
Please enter your last name
Special characters aren’t allowed
Please enter a name between 1 and 40 characters
You must be over 18 years old to register
You must be over 18 years old to register
Opt-out-policy
You can opt-out at any time by signing in to your account to manage your preferences. Each email has a link to unsubscribe.

By clicking ‘Create my account’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Register for free to continue reading

Registration is a free and easy way to support our truly independent journalism

By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists

Already have an account? sign in

By clicking ‘Register’ you confirm that your data has been entered correctly and you have read and agree to our Terms of use, Cookie policy and Privacy notice.

This site is protected by reCAPTCHA and the Google Privacy policy and Terms of service apply.

Join our new commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in