Last week, we talked about how UK petrol prices had begun to creep upwards again the wake of a rise in the wholesale oil price. Subsequent news stories towards the end of the week suggested these rises were only temporary, but there’s another facet to the story that’s begun to develop as we begin another week.
Today, various news outlets including The Grimsby Telegraph, have reported on how campaigning group FairFuelUK have called for an “OffPump” inquiry into the “rocket and feather” effect on petrol prices when the oil prices changes.
The report states that at certain garages, the small rise in the oil price resulted in an immediate “rocket like” rise at the pumps, to the tune of as much as four pence per litre. FairFuel UK want to know why such drastic rises happen as soon as the oil prices goes up, while price reductions are so much slower to appear when the oil price goes down.
It’s not the first time there’s been calls for greater transparency into a pricing phenomenon that FairFuel UK describe as “pure monetary greed.” The group’s lead campaigner claims that the government are continually “ducking” calls to investigate.
Apparently the government’s Treasury Minister supports this call to action. Time will tell whether anything comes to fruition.
IMAGE CREDIT: Wikimedia Commons