Fuel price rise – Campaigners say supermarkets using Iran crisis as excuse for price hike

3 min


Analysis has shown supermarket petrol prices have increased since December 30 despite the cost of crude oil falling dramatically over the same time frame in a shocking revelation. Campaign group Fair Fuel UK says Petrol prices have increased by 3.2 pence per litre as diesel has also risen by 2.9 pence over the past two weeks.

The Office for National Statistics revealed petrol has increased by 1.1 pence per litre over the past week alone. The cost of petrol is now 5.8 pence higher than during the same period twelve months ago.

However, according to Fair Fuel UK, the cost of crude oil has dropped by 4.1 percent over the past two weeks meaning motorists should be saving money on fuel pump prices instead of paying more.

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Co-founder of the group, Howard Cox has said the failure to reduce prices has been it’s an excuse to “fatten bloated corporate wallets”.

According to the group savings on oil prices have not been passed onto customers since January 2018 in a massive blow to road users.

READ MORE: Iran admits gunning down petrol protestors but brands then rioters

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Campaigners say prices are higher than they should be (Image: Getty)

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Petrol and diesel prices could increase by two pence per litre (Image: Getty)

The group says £8billion worth of savings were never passed down in fuel pump decreases at petrol pumps across the UK.

Analysis has revealed the loss in savings has cost each British UK driver an average of £208.

RAC experts warned oil prices could increase due to growing tensions between the US and Iran which would inevitably increase the cost of petrol and diesel.

The recovery group has predicted a further rise of at least two pence per litre over the next two weeks although did not rule out higher price rises.

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The price of diesel currently stands at 132.51 pence per litre with unleaded petrol 127.82 pence per litre.

RAC fuel spokesperson, Simon Williams said: “As things stand, it looks like at least 2p a litre will be added to the price of both petrol and diesel in the next two weeks.

“If the current situation in the Middle East was to escalate however, drivers could be looking at far greater increases at UK forecourts.”

According to RAC Fuel Watch, the current costs are not expected to change immediately but increasing tensions could see this change.

Unleaded is now at its highest price since October 21 after prices declined steadily to the end of December.

The average cost of filling a tank of petrol for a 55-litre family car is now £69.36 in prices 13p higher than November.

Speaking of the recent increases, Williams said: “While there was some positive news for drivers in December with an overdue fuel price cut from the supermarkets mid-month, after Christmas things, unfortunately, took a turn for the worse when oil began to go up as a result of the US’s trade war with China cooling down.”

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He added: “This situation very clearly demonstrates how UK drivers are at the mercy of global oil production issues when it comes to filling up.

“The trade dispute has helped keep a lid on oil prices and, in turn, petrol and diesel pump prices. Countering this, OPEC, the Organisation of the Petroleum Exporting Countries, and its allies have cut production with a view to keeping the oil price higher.”

However, the Petrol Retailers Association has told the BBC prices were set to rise anyway and warned against finding a link between rising costs and incidents in the Middle East.

Supermarkets will also buy oil stocks in bulk and instant international incidents are not expected to cause any overnight changes to petrol prices.

The price of oil soared by 15 percent after an attack on two Saudi Arabian oil facilities in September

There was grave concern the incident would increase the cost of petrol and diesel prices in the UK but this did not materialise.

The cost of petrol and diesel actually fell with average pump prices down by under a penny per litre in the immediate aftermath.

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