PRA calls for freeze on fuel duty
The Petrol Retail Association's (PRA) plea comes at a time when crude oil prices have fallen to their lowest in a year with the cost of petrol 9% lower than three months back, according to the Automobile Association.
The Petrol Retail Association's (PRA) plea comes at a time when crude oil prices have fallen to their lowest in a year with the cost of petrol 9% lower than three months back, according to the Automobile Association. Prices of a liter of petrol are still around GBP0.11 higher when compared to the same period in 2007, an equivalent increase of GBP5.70 for a 50-liter refill.
Prices of crude oil and retail fuels are linked but it takes around six to eight months for oil price changes to influence prices at the petrol station, the PRA has said. In the interim, supermarket chain operator Tesco has lowered the prices of unleaded petrol and diesel by GBP0.03 per liter across its network of 430 forecourts.
This follows a GBP0.01 per-liter cut by Asda and similar cuts by other retailers. Ray Holloway, director of the PRA, said: Gordon Brown always has the ability to reduce fuel prices through a fuel tax reduction, but avoids it. The price of fuel at the pump is influenced by a range of factors beyond just the price of a barrel of oil but despite this, forecourt retailers have still managed to reduce the cost of fuel to the motorist at the expense of their own profit margin during recent weeks.
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