£1 a litre fuel “is history” says PRA

Tuesday 12th April 2016 | 0 Comments

 

Petrol retailers across the UK are doing everything in their power to hold down pump prices as the summer driving season continues after the Easter holidays, said the Petrol Retailers Association (PRA).

Brian Madderson, Chairman of the PRA commented, “the oil market has rebounded strongly pushing up the wholesale cost of petrol by 8.00ppl in less than six weeks since the start of March.

“During this time the average retail price for petrol across the UK has only increased by just over 4ppl to 106ppl – so it is ludicrous for industry commentators to suggest that retailers are profiteering.

This is a market sector so competitive and so scarred by ultra-low margins that over 4,000 independent operators have been forced out of the industry in the last 15 years.  This grim trend decline continues with another 165 forecourt business closing their doors in 2015.

“The PRA’s plea to the Government to freeze fuel duty was well heeded following rumoured proposals to add another 2ppl or even 3ppl in tax. This would have resulted in fuel cost misery for businesses and motorists alike.

“I think we are now well on our way back to 110ppl as the city is still forecasting further weakening of £sterling versus US$ in the run-up to the EU Referendum in late June.

We expect sub £1.00 litre pricing to be consigned to the history books as we head towards the summer months.”

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Category: UK News