Fuel prices increase for first time in seven months
Average petrol prices rose for the first time in seven months in February, data shows.
petrol
Brexit could add hundreds to family petrol bill, says AA
A decision to leave the European Union could lead to UK families paying hundreds of pounds more to fill up their cars, a motoring organisation has warned.
Shell transitioning Texas trucking fleet to LNG vehicles
Oil major Shell is transitioning its trucking fleet to more liquefied natural gas-fuel vehicles in Houston and Louisiana.
Asda, Tesco cut diesel price to six-year low
Supermarkets Asda and Tesco have cut the price of diesel to 97.7 pence per litre (ppl), its lowest level for over six years. But campaigners have called for even greater reductions amid tumbling oil prices.
Petrol price cuts ‘being hit by increased profit margins’ for refineries
Motorists are being denied further savings on petrol from the tumbling oil price because of increased profit margins for refineries, experts have warned. Oil prices have fallen by 30% since early December, with Brent crude sinking to $30 a barrel this week.
Falling oil price ‘may make fuel costs cheaper than bottled water’
Fuel could become cheaper than bottled water if the price of oil continues to plummet, motoring experts have said. Oil prices have fallen by 30% since early December, with Brent crude sinking to 30 US dollars a barrel earlier this week. Many analysts are predicting it could tumble even further, with Standard Chartered warning that 10 US dollars a barrel is a possibility.
Petrol prices ‘dropped by 4p a litre’ in December
The average price of petrol fell by more than 4p per litre in December, according to new figures. A litre of unleaded dropped from 107.55p at the start of the month to 102.89p by the close, reducing the cost of filling up a 55-litre car by more than £2. The average price of diesel dropped by 3p per litre from 109.86p to 106.18p, according to the RAC Fuel Watch report.
Fuel retailers urged to cut diesel price to under £1 per litre
Fuel retailers have been urged to cut the price of diesel to under £1 per litre. Unleaded fell below that symbolic level at many supermarkets last week for the first time since 2009, excluding promotions. But diesel remains more expensive despite its wholesale price being around 3p per litre (ppl) cheaper than unleaded.
Petrol expected to drop to £1 a litre for Christmas, RAC believes
Many fuel retailers are expected to cut the price of petrol to £1 a litre in time for the Christmas getaway. The RAC believes the tumbling oil price will lead to a 3p drop for petrol and 5p for diesel. This would take average prices to around 103p for petrol and 104p for diesel, but experts predict prices will be even lower at many forecourts.
Good news for motorists as petrol prices continue to fall
Petrol prices have fallen for a fourth consecutive month, according to new data. The average price of unleaded at the end of October was 107.8p, compared to 109.5p at the start of the month, the RAC Fuel Watch found. This is equivalent to a saving of 90p on the cost of filling up an average 55-litre family car.
Cost of filling car with petrol £2 less than a month ago
The cost of filling up a car with petrol is £2 less than a month ago, according to new figures. A six-year low in the price of oil helped bring the average cost of petrol down by 4p a litre to £1.12 in the last week of August, RAC Fuel Watch said.
Total offloads Turkish retail network for $356million
Total has agreed to offload its service station network and commercial assets in Turkey to the Demirören conglomerate for $356 million.
UK petrol could fall to £1 per litre amid falling oil prices
The price of fuel in the UK could drop to £1 per litre amid falling oil prices, as supermarkets head towards a potential petrol price war.
Tank of diesel drops ‘£3 in a month’ after pump prices fall
The cost of filling up an average diesel car has dropped by £3 in a month as the average price of diesel at the pumps fell 5p a litre, data shows. The fall - hailed as good news for people setting off on holidays - came as retailers began passing on the savings in the cost of wholesale diesel, which has been below that of petrol since the end of May. At the start of the month diesel was 120.63p, but by the end it had dropped almost 5p to 115.74p, according to the RAC’s Fuel Watch data for July. And on Wednesday July 29 the country saw the first forecourt price flip between diesel and petrol since summer 2001 with diesel at 116.28p, just below the average petrol price of 116.64p, the RAC said.
UAE to align fuel prices to global oil, removing subsidies
The United Arab Emirates, the third-biggest OPEC oil producer, will link gasoline and diesel prices to global oil markets as the government seeks to remove subsidies. Fuel prices will deregulated from August 1, state-run WAM news agency reported, citing a statement from the Ministry of Energy on Wednesday. The change was ratified by the cabinet.
Petrol prices hit six-month high
Petrol prices have reached a six-month high with many motorists cutting back on car use, according to the AA. And the extension of the districts in which drivers get a special rural area fuel rebate has failed to kickstart sales at the pumps in some places, the AA said. The average price of petrol nationwide is now 117.19p a litre - up from 116.42p a month ago and above £1.17 for the first time since mid-December 2014. Diesel is now averaging £1.21 a litre, compared with 120.7p in mid-May. Since the low point for fuel prices was reached on February 1 this year, average prices have risen by more than 10p a litre. An AA/Populus survey showed that 37% of the 28,080 AA members polled had already started to cut back on car use, with this figure rising to 48% for lower-income drivers. The rural fuel rebate scheme, previously only available for those living on some of the UK’s islands, was extended on May 31 to around 125,000 people living in remote mainland locations, with those eligible getting a 5p cut in pump prices. The AA said today that this had led to a doubling of business at a Devon filling station but that some drivers in Scotland had missed out, apparently due to confusion with the scheme. The AA highlighted a parliamentary question last week by Caithness, Sutherland and Easter Ross SNP MP Paul Monaghan. He asked why proprietors of fuel stations in Durness and Scourie in Scotland had not been reimbursed through the rural fuel rebate scheme for fuel duty reductions they had passed to customers. Treasury Minister Damian Hinds replied that taxpayer confidentiality had to be maintained and he could not comment on individual circumstances. Scotland currently has the priciest petrol, at 117.6p a litre on average, while Wales and Northern Ireland have the cheapest - at £1.17. Scotland also has the most-expensive diesel, at 121.6p a litre while Northern Ireland has the cheapest, at 119.7p a litre - the only area where diesel is under £1.20 a litre. AA president Edmund King said: “Our fuel report this month illustrates vividly the power of pump prices on consumer spending. “It sends out a clear message to government on fuel tax: don’t be mistaken into thinking that because pump prices are 13p-a-litre lower than this time last year that drivers are ripe for another fuel duty increase."
Britain’s cars guzzle record diesel as gasoline loses traction
Britain’s cars are guzzling diesel like never before, presenting a growing challenge to oil refineries that weren’t configured to maximize production of the fuel. The nation consumed 540,600 barrels a day of diesel in February, according to the most recent data from the International Energy Agency in Paris, an adviser to the UK and 28 other countries. Demand more than doubled over the past two decades, while gasoline use contracted by a third.
Infographic: The cost of petrol versus income worldwide
This infographic shows the price of a tank of petrol versus the average salary worldwide. The data reveals both North America, the UK and Scandinavian countries fair the best when it comes to cost whereas regions including Afghanistan, Ethiopia and Egypt suffer from a small margin between income and petrol cost.
AA queries fuel retailers prices
Drivers are paying out more at the pumps for petrol despite a dip in world oil prices, according to the AA. Yet the need for fair pricing on forecourts has been largely ignored by politicians during the General Election campaign, the motoring group said. Its figures showed the price of oil was 5% lower per barrel in the first two weeks of April 2015 than in the first two weeks of March 2015. But average UK petrol prices rose from 111.92p a litre in mid-March to 113.29p a litre in mid-April.
Fuel costs set to rise
Drivers who enjoyed a slump in petrol prices at the turn of the year are now facing a sharp rise in the cost of motoring, according to the AA. Prices at the pumps have surged by an average of 5.5p over the past six weeks, with average petrol prices now standing at 111.92p a litre. This is 3.64p a litre more than in mid-February and compares unfavourably, too, with the low of 106.39p seen on February 1.
Oil price rise sees petrol cost increase
The price of petrol at the pumps has risen above the 110p-a-litre mark, according to the AA. The average petrol price is now 110.12p a litre, having dipped to 106.39p at the start of February 2015, the AA said. Diesel, which fell to a low of 113.42p a litre at the beginning of February, now averages 116.85p a litre.
Oil firms accused over petrol rise
Suffering motorists are falling foul of oil company greed as petrol prices start to shoot up again, the AA has said. Service stations were slow to lower prices when world oil prices were falling but have been quick to raise them once the global price started to recover, AA president Edmund King said. Earlier this year it looked as if a litre of petrol could dip below the £1 mark.
Petrol prices starting to rise once more
The price of petrol at the pumps is creeping up again, putting paid to hopes of the £1 litre. The average cost of a litre of petrol is now 108.28p - almost 2p a litre more than this-year’s February 1 low point of 106.39p, the AA said. Diesel is now averaging 115.06p a litre compared with 113.42p on February 1. The AA said that at the start of this week it was still possible to find petrol selling at 103.9p a litre in many built-up areas as supermarkets and some non-supermarkets delayed the price rises.
Rises in fuel duty not ruled out
An energy minister has refused to rule out a rise in fuel duties following a drop in oil prices. Baroness Verma, the Department for Energy and Climate Change minister in the House of Lords, said green issues had to be considered. Her comments came after Tory Lord Howell of Guildford, the father-in-law of Chancellor George Osborne, urged her to rule out any hikes.
Fuel prices ‘should fall faster’
Fuel prices at the pumps should fall “further and faster” after a significant drop in oil prices, David Cameron has said. The Prime Minister told MPs the regulator and the Government would do everything it can to ensure the oil price slump is reflected on forecourts. A Birmingham service station has been disclosed as cutting the price of its petrol to 99.7p a litre while the big four supermarkets have been engaged in a fuel-price war.