Petrol drops to a six-month low but warning of 'perma-high' prices remains with fuel duty hike looming
4 months, 3 weeks ago

Petrol drops to a six-month low but warning of 'perma-high' prices remains with fuel duty hike looming

Daily Mail  

UK petrol prices have fallen to their lowest level in six months, the AA has confirmed on Friday morning. Had the fuel duty cut not been implemented in March 2022, UK motorists would have endured average petrol prices at more than 150p a litre from 21 February to 8 August. This is Money reported that a trifactor of fuel duty hikes, commodity price surges and swollen retailer margins could cause real financial hardship. If the 5p fuel duty cut was scrapped it would result in a 6p-a-litre increase to the petrol pump price and would add £3.30 to the cost of filling the typical 55-litre car fuel tank. A combination of three things is driving the increase in petrol pump costs, with crude oil now $20 more a barrel than five years ago In its Road Fuel Interim Monitoring Update last week, the Competition and Markets Authority reported that 'petrol retail spreads in the four months to June averaged 12.62ppl, which was 2.55ppl lower than over the previous four months – but still more than double the average of 6.51ppl over 2015-19'.

Costs Duty Fuel Treasury Low Petrol Fuel Duty Prices Uk Fuel Duty Hike Litre Increase  duty  sixmonth  litre  increase  warning  price  prices  uk  permahigh  hike  week  petrol  low  costs  fuel  remains  looming

History of this topic

Petrol prices: Driving home for Christmas set to be cheapest since pandemic
1 month, 1 week ago

Petrol prices: Driving home for Christmas set to be cheapest since pandemic

The Independent  

Sign up to Simon Calder’s free travel email for expert advice and money-saving discounts Get Simon Calder’s Travel email Get Simon Calder’s Travel email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Drivers are set to enjoy an early Christmas present this year with the cheapest festive fuel …

Petrol and diesel prices remain at three-year low as Reeves freezes tax
2 months ago

Petrol and diesel prices remain at three-year low as Reeves freezes tax

Daily Mail  

Fuel prices remain at a three-year low, according to the latest data from the RAC. The average price of petrol at the pump is now 135.2p after the Chancellor confirmed in the Budget that fuel duty would remain frozen for another 12 months. The average price of petrol at the pump is now 135.2p after the Chancellor confirmed in the …

Motorists should brace for fuel duty hikes and 'perma-high' petrol costs, AA warns
5 months, 1 week ago

Motorists should brace for fuel duty hikes and 'perma-high' petrol costs, AA warns

Daily Mail  

Families, businesses and workers face an era of 'perma-high' road fuel costs, the AA warns. Starmer said he'd supported a freeze 'every single time it has come up' but that 'fuel duty will have to be decided budget by budget' and hasn't categorically ruled out a fuel duty hike If the Treasury increases fuel duty in the Budget on top …

Drivers fleeced by petrol bosses to the tune of £1.6bn as forecourts fail to pass on drop in oil prices, report finds
5 months, 2 weeks ago

Drivers fleeced by petrol bosses to the tune of £1.6bn as forecourts fail to pass on drop in oil prices, report finds

Daily Mail  

Petrol bosses fleeced drivers at the pumps by up to £1.6 billion last year after hiking their profit margins, a report has found. The hikes collectively cost drivers around £1.6 billion last year alone, with retailers making 6p a litre more in petrol profits than they used to. Petrol bosses have hammered motorists while doubling their margins over the last …

Warning issued about when to buy fuel as petrol price drop ends
6 months, 1 week ago

Warning issued about when to buy fuel as petrol price drop ends

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Motoring groups previously hoped petrol prices would fall below the pre-pandemic record high of …

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
6 months, 1 week ago

Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel

Live Mint  

Oil prices rose on Monday, fuelled by increasing summer demand optimism and the supply cuts by the Organisation of the Petroleum Exporting Countries. On Monday, Brent crude futures rose 0.81 per cent or 69 cents to $85.69 per barrel as of 13:36. Both the commodity contracts increased nearly 6 per cent in June, with Brent settling around $85 per barrel …

Boosts for drivers as petrol prices fall to lowest level in more two years
1 year ago

Boosts for drivers as petrol prices fall to lowest level in more two years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. If wholesale prices are reflected more fairly at the …

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl
1 year, 1 month ago

Oil drops 2.5% on demand worries after rise in US gasoline inventories; Brent crashes to $75/bbl

Live Mint  

Oil prices fell by 2.5 per cent on Wednesday, December 6, as a bigger-than-expected rise in US gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Back home, on the Multi Commodity Exchange, crude oil futures due for a December 18 expiry, was last trading lower by 4.75 per cent at ₹5,791 per bbl, having swung …

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre
1 year, 3 months ago

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre

ABC  

Surging fuel prices are igniting fresh inflation fears, as production cuts by the global oil cartel heap yet more pain on consumers. Key points: Fuel prices across Australia have averaged more than $2 a litre for about a month Analysts say production cuts by the global oil cartel and a weak Aussie dollar are to blame The resurgent price has …

Petrol prices to stay high as oil prices and weak Australian dollar flow through to the bowser
1 year, 4 months ago

Petrol prices to stay high as oil prices and weak Australian dollar flow through to the bowser

ABC  

Analysts say petrol prices will stay above $2 a litre for "the next few weeks" after reaching their highest level this year, as pressures from the global oil market flow through to petrol bowsers across the country. Key points: The average weekly petrol price sits at 197.5 cents a litre for capital cities and 194.6 cents a litre for regional …

Good news! Petrol, diesel prices to come down soon | Here is WHY
1 year, 6 months ago

Good news! Petrol, diesel prices to come down soon | Here is WHY

India TV News  

Petrol and diesel price cut: Consumers can get good news very soon regarding the petrol and diesel price cut. Depend on price of crude oil Oil companies' valuations appear reasonable but a sharp jump in crude prices during elections could pose risk to OMCs marketing earnings, the report said. However, OMCs marketing segment earnings could come under risk if Brent …

Supermarkets have cut rip-off diesel prices by 7p-a-litre since watchdog report
1 year, 7 months ago

Supermarkets have cut rip-off diesel prices by 7p-a-litre since watchdog report

Daily Mail  

Supermarkets have cut the price of diesel by 7p-a-litre under a threat of legal action by the competitions watchdog. Since May 15, when the regulator noted a rise in profit margins, the average price of per litre of diesel at supermarkets has fallen by 7.44p – from 151.02p to 143.58p. Major retailers, including supermarkets, have cut their diesel prices by …

Diesel drops below £1.50-a-litre for the first time in 15 MONTHS
1 year, 7 months ago

Diesel drops below £1.50-a-litre for the first time in 15 MONTHS

Daily Mail  

The average diesel pump price has dropped below £1.50p-a-litre for the first time since 1 February 2022, meaning it is down 50p on the record highs drivers faced in July. Diesel drop: The price of the fuel has dipped below £1.50-a-litre for the first time since February 2022 and is now 50p less than the record high posted last summer …

I run Britain's cheapest petrol station and I'm charging far less than the UK average
1 year, 7 months ago

I run Britain's cheapest petrol station and I'm charging far less than the UK average

Daily Mail  

A garage owner is claiming the crown of 'King of the Pumps' because he believes he is selling the cheapest fuel available anywhere in Britain. Vijay Jaganathan is advertising both petrol and diesel at 129.9p per litre at his rural forecourt - compared to the UK average of 145p for petrol and 154p for diesel. Vijay Jaganathan is currently advertising …

Oil producers’ cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers’ cuts could boost gasoline prices, help Russia

Associated Press  

FRANKFURT, Germany — Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. The decision by oil producers, many of them in the OPEC oil cartel, to cut production by more than 1 million barrels a day comes after prices for international benchmark crude slumped amid a slowing global economy that needs less fuel for …

Oil producers' cuts could boost gasoline prices, help Russia
1 year, 9 months ago

Oil producers' cuts could boost gasoline prices, help Russia

Firstpost  

Russia is joining in by extending its own cuts for the rest of the year. In theory, less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the US and Europe Major oil-producing countries led by Saudi Arabia said they’re cutting supplies of crude — again. In theory, less oil flowing to …

Explained: Why cheap crude oil won't reduce your petrol, diesel expenses
1 year, 9 months ago

Explained: Why cheap crude oil won't reduce your petrol, diesel expenses

India Today  

Petrol and diesel prices, which have remained unchanged for over a year, have not dropped even after a sharp fall in global crude oil prices over the past few days. It may be noted that petrol and diesel prices have not been revised by OMCs in over a year, despite constantly high global crude oil prices. These three OMCs, which …

Oil cos still losing money on diesel: Minister Puri on talks of price cut
2 years, 2 months ago

Oil cos still losing money on diesel: Minister Puri on talks of price cut

Deccan Chronicle  

NEW DELHI: PSU oil companies are losing a net Rs 4 per litre on diesel while their margins have turned positive on petrol, Oil Minister Hardeep Singh Puri said on Wednesday on talks of a price reduction in the offing as international rates have softened. Puri said his ministry will seek assistance for the three fuel retailers - Indian Oil …

Petrol prices ‘to rise again’ after oil exports cut by 2m barrels a day
2 years, 3 months ago

Petrol prices ‘to rise again’ after oil exports cut by 2m barrels a day

The Independent  

Motorists could face another rise in fuel prices due to a cut in oil exports, the RAC has warned. Energy ministers meeting at the Vienna headquarters of the Organisation of the Petroleum Exporting Countries made the decision to cut oil production by two million barrels per day starting in November. “Despite three straight months of pump prices coming down, we …

Why are fuel prices at pumps not going down?
2 years, 3 months ago

Why are fuel prices at pumps not going down?

Business Standard  

For the first time since early February, international crude benchmark Brent went below $90 a barrel last week. Early this month, Minister for Petroleum and Natural Gas Hardeep Singh Puri had linked no revision of fuel prices to the losses that state-owned fuel retailers incurred in keeping the fuel prices unchanged when international oil prices surged to multi-year highs. At …

Oil at six-month low | Petrol at breakeven, losses continue on diesel
2 years, 4 months ago

Oil at six-month low | Petrol at breakeven, losses continue on diesel

The Hindu  

International oil prices have hit a six-month low, helping Indian fuel retailers breakeven on petrol but they continue to lose money on diesel - the most used fuel in the country, officials said. The fall in prices has meant that fuel retailers such as Indian Oil Corporation are now breaking even on petrol but there are some losses on diesel, …

Petrol prices ‘on course to dip below 160p a litre’
2 years, 4 months ago

Petrol prices ‘on course to dip below 160p a litre’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Prices at the petrol pump …

US petrol prices below $4 a gallon for first time since March
2 years, 5 months ago

US petrol prices below $4 a gallon for first time since March

Al Jazeera  

Petrol prices in the United States have now fallen for eight straight weeks, according to the American Automobile Association. The average price of petrol in the United States dropped below $4 a gallon on Thursday, providing some much-needed relief to American drivers after prices soared to record highs earlier this year. At one point, global benchmark Brent crude oil, the …

Inflation impact: The falling mileage of paying for soaring fuel costs
2 years, 7 months ago

Inflation impact: The falling mileage of paying for soaring fuel costs

The Hindu  

“When will the rising petrol prices stop.” This was the question asked by a 26-year-old, who works as a delivery boy with an online app in Madurai. While the common man, in many places, is being forced to depend on public transport or take share-autorickshaw rides, many autorickshaws plying in Coimbatore district have halved the number of trips in the …

Petrol prices: March worst month ever at the pumps
2 years, 9 months ago

Petrol prices: March worst month ever at the pumps

Daily Mail  

Motorists endured one of the 'worst months ever at the pumps' in March as fuel prices grew the largest amount on record, despite the Chancellor's efforts to cut the cost of petrol and diesel by lowering fuel duty. Analysis of Experian Catalist data found that the average cost of a litre of petrol rose by 11.6p from the beginning to …

Crude prices fall as US to release supplies from reserves
2 years, 9 months ago

Crude prices fall as US to release supplies from reserves

Live Mint  

NEW DELHI: Crude oil fell in Asian deals on Friday after US President Joe Biden announced the release of 1 million barrels of oil per day for six months starting in May to check soaring prices in the aftermath of the Russia-Ukraine crisis. The May contract of West Texas Intermediate on the NYMEX slipped below the $100 per barrel mark …

Budget 2022: How hidden costs will eat up Josh Frydenberg's cost-of-living cash boost
2 years, 9 months ago

Budget 2022: How hidden costs will eat up Josh Frydenberg's cost-of-living cash boost

Daily Mail  

Slashing petrol tax could rebound to cause a massive hike in the cost of living, sparking higher interest rates and mortgage bills, economists have warned. Slashing fuel excise to cut the cost of petrol could rebound in a massive hike in the cost of living, sparking higher interest rates and mortgage bills, economists warn 'The government is in a very …

‘Angry’ customers waiting for fuel duty cut to take effect
2 years, 9 months ago

‘Angry’ customers waiting for fuel duty cut to take effect

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Drivers in the UK say they are still waiting for …

What is fuel duty and how will the cut affect prices?
2 years, 9 months ago

What is fuel duty and how will the cut affect prices?

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery Last year, Mr Sunak announced fuel duty would be frozen …

Petrol, diesel prices up 80 paise a litre for 2nd straight day
2 years, 9 months ago

Petrol, diesel prices up 80 paise a litre for 2nd straight day

Live Mint  

Petrol and diesel prices jumped by 80 paise per litre for the second day in a row on Wednesday. Lim, Analyst at S&P Global Commodity Insights, said: “In the near term, we expect India’s oil demand to remain robust in the first half of March, but it is likely to ease in the second half as retail prices are hiked, …

Fuel prices hit record high again as average cost per litre of petrol is now 165p
2 years, 9 months ago

Fuel prices hit record high again as average cost per litre of petrol is now 165p

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Fuel prices have hit a record high again as the …

Oil price hike may be delayed as crude plunges below $100
2 years, 9 months ago

Oil price hike may be delayed as crude plunges below $100

Hindustan Times  

The price of petrol and diesel may not rise as much as feared because the price of crude oil has declined by about 30% after hitting an intraday peak of $139 per barrel for Brent Crude on March 7. “Certainly, there is some relief now due to softening of international oil prices.” Pump prices in India are pegged to the …

History repeating as unpopular Prime Minister contends with pre-election petrol price rises
2 years, 9 months ago

History repeating as unpopular Prime Minister contends with pre-election petrol price rises

ABC  

Petrol prices have a wonderful ability to annoy people even when they are not buying fuel. Russia's invasion of Ukraine in many ways has poured fuel onto an already burning fire of petrol prices. With petrol prices skyrocketing, rumblings of a by-election in the Melbourne electorate of Aston and a Prime Minister struggling in the polls ahead of an election, …

Oil prices UK - live: Drivers paying ‘unbelievably high’ costs as diesel hits £1.70 a litre
2 years, 9 months ago

Oil prices UK - live: Drivers paying ‘unbelievably high’ costs as diesel hits £1.70 a litre

The Independent  

✕ Close Drivers queue for fuel in England as motorists hit by rise in oil and diesel prices Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and …

Oil price fall provides relief for UK households but living standards still expected to fall sharply
2 years, 10 months ago

Oil price fall provides relief for UK households but living standards still expected to fall sharply

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Experts said upward pressures on petrol prices had eased …

Russian invasion of Ukraine threatens to push petrol prices to £1.60 a litre
2 years, 10 months ago

Russian invasion of Ukraine threatens to push petrol prices to £1.60 a litre

The Telegraph  

Petrol prices could soar to £1.60 a litre after Russia’s invasion of Ukraine, the RAC has warned, with food and energy bills also poised for new record highs. Economists said that the headline rate of inflation in Britain would now hit 8.2 per cent in April, up from a previous estimate of 6.7 per cent and more than four times …

Petrol prices soar to highest level in nearly two years
3 years, 7 months ago

Petrol prices soar to highest level in nearly two years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Motorists hitting the road to …

Fuel Price Today: Petrol, diesel prices rise for 3rd straight day across metros; check revised rate
4 years, 1 month ago

Fuel Price Today: Petrol, diesel prices rise for 3rd straight day across metros; check revised rate

India TV News  

Prices of petrol and diesel rose across the four metro cities on Sunday for the fourth consecutive day after a nearly two-month hiatus. In the national capital, petrol was priced at Rs 81.46 per litre on Sunday, eight paise higher than the previous level. The prices of diesel in Delhi, Mumbai, Chennai and Kolkata were Rs 71.07, Rs 77.54, Rs …

Oil prices drop on demand worries as coronavirus cases rise
4 years, 6 months ago

Oil prices drop on demand worries as coronavirus cases rise

Deccan Chronicle  

SEOUL: Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to …

Oil falls as growing coronavirus cases stoke fuel demand worries
4 years, 6 months ago

Oil falls as growing coronavirus cases stoke fuel demand worries

Live Mint  

Crude prices fell on Friday as the resurgence of the coronavirus globally and in the United States, the world's largest oil consumer, dimmed the prospects of fuel demand recovery. Brent crude futures were down 37 cents, or 0.9%, at $42.77 a barrel as of 0042 GMT, and U.S. West Texas Intermediate crude futures fell 34 cents, or 0.8%, to $40.31 …

Oil companies raise fuel prices
4 years, 7 months ago

Oil companies raise fuel prices

Hindustan Times  

State-run fuel retailers have ended the 82-day freeze on daily rate revision by raising pump prices of petrol and diesel by Rs 1.20 per litre in just two days since Sunday because of a surge in international oil prices after the producers’ cartel decided to extend record output cuts by one more month till the end of July. Petrol is …

Petrol stations fail to pass on fuel price cuts despite global oil prices falls due to coronavirus
4 years, 9 months ago

Petrol stations fail to pass on fuel price cuts despite global oil prices falls due to coronavirus

ABC  

Drivers are being warned of petrol-price rip-offs around Australia, as some retailers fail to pass on savings to customers despite plummeting global oil prices. Key points: Global oil prices have dropped, but that hasn't translated to all Australian bowsers In Sydney's west, Retailers have been selling petrol for as low as 97 cents a litre However Canberra's petrol prices have …

Why cheaper oil means costlier fuel bills
4 years, 9 months ago

Why cheaper oil means costlier fuel bills

India Today  

When crude prices fell almost 30 per cent in the international market on March 9, there were expectations that it would lead to a discernible drop in fuel prices for the Indian retail consumer, just as it would bring about a significant reduction in the country's import bill. Follow live updates on coronavirus here India, which imports 85 per cent …

US crude hits 18-year low at $24.44 per barrel as lockdowns, travel restrictions spread; demand in April expected to fall
4 years, 9 months ago

US crude hits 18-year low at $24.44 per barrel as lockdowns, travel restrictions spread; demand in April expected to fall

Firstpost  

Brent crude was trading down $1.39, or nearly 5 percent, at $27.34 a barrel, after dropping to $27.31, its lowest since early 2016. London: Oil prices fell for a third session on Wednesday with US crude futures tumbling to an 18-year low as travel and social lockdowns sparked by the coronavirus epidemic knocked the outlook for demand. “The oil demand …

Oil hits 13-month lows as coronavirus outbreak cuts demand
4 years, 11 months ago

Oil hits 13-month lows as coronavirus outbreak cuts demand

India Today  

Oil prices fell to the lowest in more than a year on Monday as the coronavirus outbreak curtailed Chinese demand and sparked potential supply cuts by OPEC and its allies. As the outbreak hits fuel demand in China, the world's biggest crude oil importer, refiner Sinopec Corp told its facilities to cut throughput this month by about 600,000 barrels per …

Outlook for oil prices blurred amid growing uncertainties
6 years ago

Outlook for oil prices blurred amid growing uncertainties

Live Mint  

Despite Wednesday’s huge relief rally, crude oil prices remain as much as 38% lower compared to their peak in early October. Kotak Institutional Equities expects incremental global oil demand of 1.4 million barrels a day to be offset by non-Opec supply of 1.5 mn b/d. “However, a reduction in Iran’s oil production/exports from May 2019 in the event of US …

Oil slips back toward 18-month lows on oversupply, global economy concerns; crude price falls 40% since October
6 years ago

Oil slips back toward 18-month lows on oversupply, global economy concerns; crude price falls 40% since October

Firstpost  

Oil prices reached multi-year highs in early October but have fallen almost 40 percent since then and are now approaching their lowest levels for 18 months. London: Oil prices fell more than 1 percent on Thursday after rebounding 8 percent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured …

Petrol price cut by 7 paise for fifth consecutive day, no change in diesel rate; crude falls 6% to lowest level in more than a year
6 years ago

Petrol price cut by 7 paise for fifth consecutive day, no change in diesel rate; crude falls 6% to lowest level in more than a year

Firstpost  

Petrol price had slipped below Rs 70-mark in Delhi on Monday itself for the first time this year. Petrol price was reduced by seven paise for the fifth consecutive day on Tuesday while diesel prices remained unchanged in major cities across the country. US crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting …

Petrol, diesel prices rise for second day in a row; crude oil falls by over $1 on oversupply concerns
6 years ago

Petrol, diesel prices rise for second day in a row; crude oil falls by over $1 on oversupply concerns

Firstpost  

Petrol prices rose by 9-10 paise per litre while diesel became costlier by 7-8 paise per litre, according to data available on Indian Oil Corporation website. Petrol, diesel prices were hiked for the second consecutive day on Tuesday across major cities of the country even as Brent crude rates dropped more than $1 in the international market on concerns of …

Discover Related