Give us a call
Talk to a friendly
member of staff.
Single-Car Insurance
0844 543 4416MultiCar Insurance
0844 848 4316
Talk to a friendly
member of staff.
Single-Car Insurance
0844 543 4416MultiCar Insurance
0844 848 4316
 |
|
Search our archive of Motoring news.
Search our archive of Motoring
news by date.
2012
2011
2010
2009
2008
You can subscribe to receive the latest motoring news from Admiral with RSS.
 |
 |
|
21/10/2008
The prime minister has called on retailers to cut pump prices to reflect the lower price of crude oil.
Despite oil prices falling below $70 a barrel, down from a high of $147 a barrel in July, fuel prices at many forecourts have not reflected the drop.
Last week, Gordon Brown urged retailers to follow the lead of supermarkets Asda and Morrisons, who recently brought their petrol prices below £1 a litre. He added that there is too much regional variation in petrol prices.
"I want to see the competition between supermarkets and oil companies reflected in lower prices at the pumps," he said in a press conference.
"The public know that when oil prices go up, it's reflected very quickly in the petrol pump price. What they want to know is that when oil prices come down that is also reflected in the pump price."
Last month Ray Holloway, director of the RMI Petrol Retailers Association, explained that prices for crude oil and forecourt fuel do not move in tandem. "Therefore they do not automatically move up or down at the same time," he said.
"If there are no unexpected events in the areas of crude oil production or refining and currency exchange rates now remain relatively stable, UK motorists can expect forecourt prices to fall though until the end of October."
© 2011 Admiral | Sitemap | Contact Us | Your Privacy and Security | Cookie Policy
