Forecourt Industry Defends High Pump Prices
Tuesday, August 16th, 2011
A body which represents independent forecourts defended the fact that petrol stations are still continuing to increase petrol prices despite the fall in the value of crude oil. Since April crude oil has gone down by 18% but petrol prices have only gone down by 1.8%. This has caused complaints from many drivers.
However the company has explained that crude oil only makes up 30% of the price of petrol. Fuel duty and VAT make up 60% and then there are marketing costs and transport costs as well as profit for the wholesaler and retailer. They have explained that as these costs have increased, they have not been able to lower prices significantly. (more…)