Pump Action Uk Drivers Await Report On Painful Petrol Prices Uk Cost Of Living Crisis

Briggs, who owns the Ascona petrol station, could only intervene. “I explained to him that there are different time delays in fuel pricing depending on the contracts of different retailers. It was a light bulb moment for him,” says Briggs. Skyrocketing prices at Britain’s pumps will come under scrutiny this week as the Competition and Markets Authority (CMA) delivers the results of a “short and focused” review of the market on Thursday. The chancellor, Rishi Sunak, announced a 5p/l fuel tax cut in March’s spring statement but, with petrol and diesel at record highs, business secretary Kwasi Kwarteng asked the CMA last month to investigate whether the cut had been made. passed, amid accusations of profiteering. UK petrol prices are just over 191p per liter on average, with diesel at 199p. Gordon Ballmer of the Petroleum Retailers Association says: “All retailers passed the duty cut: however, wholesale costs rose and overwhelmed the cut. It takes several weeks to go through – until the old stock runs out, wholesale prices keep going up.” In recent days, car groups have also accused retailers of failing to pass on wholesale cost cuts. Retailers say they are only making a few pence per liter in profits, that oil refiners have increased their own margins, that the move away from Russian oil has created challenges and that they have been hit by the weakened pound. Briggs’s Ascona has 62 petrol stations under the Texaco, Jet, BP, Esso and Shell brands. It says it needs to make 9p a liter to be profitable and the industry is under pressure from rising labor and electricity costs, while less fuel is being bought as the pandemic has reduced travel. Consumers are also driving less to save money, and “bilking” – driving away without paying – has increased by 61% this year. Staff are also increasingly facing price abuse. Briggs says a petrol station costs £20,000-£30,000 a month to run and he is desperate not to push prices above £2 a litre. Balmer admits it’s a complex industry for officials to navigate. For example, regulators should ensure they understand the differences between “CoCo” and “com-op” sites. In “company-operated” stores, oil groups can change the price regularly and manage the station clerks and staff. At “supply manager” locations, the oil company will typically set the price at midnight for the next day, with another company running the store. When it comes to brands, supermarkets and oil giants are battling it out for market share. BP has the most outlets, with 1,224, just ahead of Esso and Shell, but grocer Tesco sells the most fuel, according to Forecourt Trader magazine. Its 514 stores account for nearly 16% of the market, as they are located in busy locations and often lure shoppers with cheaper fuel. BP and Shell both own 14%, just ahead of Esso, Sainsbury’s, Morrisons and Asda. Independents make up 5,372 of the UK’s 8,380 suburbs. Industry watchers say supermarkets – known for using cheap fuel to lure shoppers – have eased up on price competition. Sunak’s 5p coin looks more meager than in other countries. In Germany, fuel tax was reduced by 25 p.m. per litre, drivers in the Netherlands, Ireland and Spain received a reduction of 17 p.m. and France decreased by 14 p.m. Balmer wants a further cut in fuel tax or a cut in VAT. Industry sources say the CMA asked them when and how the 5p cut was passed on, how pump prices are set and what has happened to the market since the cut. If the regulator concludes that there are problems with the way the domain is operating, a deeper investigation could follow.

title: “Pump Action Uk Drivers Await Report On Painful Petrol Prices Uk Cost Of Living Crisis " ShowToc: true date: “2022-11-04” author: “Donna Harrison”

Briggs, who owns the Ascona petrol station, could only intervene. “I explained to him that there are different time delays in fuel pricing depending on the contracts of different retailers. It was a light bulb moment for him,” says Briggs. Skyrocketing prices at Britain’s pumps will come under scrutiny this week as the Competition and Markets Authority (CMA) delivers the results of a “short and focused” review of the market on Thursday. The chancellor, Rishi Sunak, announced a 5p/l fuel tax cut in March’s spring statement but, with petrol and diesel at record highs, business secretary Kwasi Kwarteng asked the CMA last month to investigate whether the cut had been made. passed, amid accusations of profiteering. UK petrol prices are just over 191p per liter on average, with diesel at 199p. Gordon Ballmer of the Petroleum Retailers Association says: “All retailers passed the duty cut: however, wholesale costs rose and overwhelmed the cut. It takes several weeks to go through – until the old stock runs out, wholesale prices keep going up.” In recent days, car groups have also accused retailers of failing to pass on wholesale cost cuts. Retailers say they are only making a few pence per liter in profits, that oil refiners have increased their own margins, that the move away from Russian oil has created challenges and that they have been hit by the weakened pound. Briggs’s Ascona has 62 petrol stations under the Texaco, Jet, BP, Esso and Shell brands. It says it needs to make 9p a liter to be profitable and the industry is under pressure from rising labor and electricity costs, while less fuel is being bought as the pandemic has reduced travel. Consumers are also driving less to save money, and “bilking” – driving away without paying – has increased by 61% this year. Staff are also increasingly facing price abuse. Briggs says a petrol station costs £20,000-£30,000 a month to run and he is desperate not to push prices above £2 a litre. Balmer admits it’s a complex industry for officials to navigate. For example, regulators should ensure they understand the differences between “CoCo” and “com-op” sites. In “company-operated” stores, oil groups can change the price regularly and manage the station clerks and staff. At “supply manager” locations, the oil company will typically set the price at midnight for the next day, with another company running the store. When it comes to brands, supermarkets and oil giants are battling it out for market share. BP has the most outlets, with 1,224, just ahead of Esso and Shell, but grocer Tesco sells the most fuel, according to Forecourt Trader magazine. Its 514 stores account for nearly 16% of the market, as they are located in busy locations and often lure shoppers with cheaper fuel. BP and Shell both own 14%, just ahead of Esso, Sainsbury’s, Morrisons and Asda. Independents make up 5,372 of the UK’s 8,380 suburbs. Industry watchers say supermarkets – known for using cheap fuel to lure shoppers – have eased up on price competition. Sunak’s 5p coin looks more meager than in other countries. In Germany, fuel tax was reduced by 25 p.m. per litre, drivers in the Netherlands, Ireland and Spain received a reduction of 17 p.m. and France decreased by 14 p.m. Balmer wants a further cut in fuel tax or a cut in VAT. Industry sources say the CMA asked them when and how the 5p cut was passed on, how pump prices are set and what has happened to the market since the cut. If the regulator concludes that there are problems with the way the domain is operating, a deeper investigation could follow.