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UK News UK petrol prices fell in September despite Saudi refinery fires

11:15  03 october  2019
11:15  03 october  2019 Source:   uk.motor1.com

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PETROL prices fell by just under 1p a litre in September but the RAC says forecourts are still overcharging motorists by as much as 4p a litre. RAC fuel spokesman Simon Williams said: “The outlook for drivers at the pumps is looking reasonable despite the refinery attacks in Saudi Arabia.

Petrol pumps - Petrol prices should start to fall as the global oil price slumps - NZME File pic. So far fears of further unrest in the middle-east have been unfounded despite increased geopolitical tension with Iran, which is accused by the Saudis and US of masterminding the attacks.

Some had feared the fires would cause price hikes, but none materialised.

New data shows petrol prices fell in September despite fears that the refinery fires in Saudi Arabia would push forecourt prices up.

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According to the RAC’s Fuel Watch pricing information, the end of September saw the average litre of petrol fall to 127.95p - 0.87p cheaper than at the start of the month. That came despite a vicious fire at the world’s largest refinery in Saudi Arabia, for which Yemen’s Houthi rebels claimed responsibility. It was feared that the fire would push fuel prices up as supplies burned away.

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  European leaders blame Iran for Saudi attack ahead of Trump UN speech The leaders of France, Germany and Britain on Monday agreed that Iran carried out this month's attack on Saudi Arabian oil infrastructure and called on Tehran to choose dialogue over further "provocation". Britain, France and Germany joined the United States on Monday in blaming Iran for attacks on key oil facilities in Saudi Arabia, but the Iranian foreign minister pointed to claims of responsibility by Yemeni rebels and said: "If Iran wereFallout from the Sept. 14 attacks is still reverberating as world leaders gather for their annual meeting at the U.N. General Assembly and international experts investigate, at Saudi Arabia's request, what happened and who was responsible.

The wholesale price is how much the oil costs when it leaves the refinery - that's the price retailers However, retailers may not pass these rises on to drivers as the wholesale price has been falling for Here are PetrolPrices top tips on how to save: Check prices around where you work and where you

UK . With oil prices at their lowest point, nations relying on oil are suffering - and it's not just Russia and Venezuela. MS: There are reports like that about American refineries , but you appreciate also that American refineries are limited, they are configured to use medium and heavy oil imported from

Back home, though, diesel prices did rise slightly, with the average litre costing 132.07p at the end of September. At the beginning of the month, it was 0.35p cheaper. In real terms, that means filling a typical family car’s 55-litre fuel tank with diesel now costs £72.64 - up 19p on the £72.45 it would have cost at the beginning of the month.

Hand holding fuel pump and refilling car at petrol station © Motor1.com UK Hand holding fuel pump and refilling car at petrol station

According to RAC fuel spokesperson Simon Williams, the future looks relatively rosy for drivers, who may see prices continue to fall.

“The outlook for drivers at the pumps is looking reasonable despite the refinery attacks in Saudi Arabia,” he said. “Not only was the impact of the resulting drop in production lessened by Saudi’s state-owned oil company releasing crude reserves, fears of a global economic slowdown caused the oil price to reduce. If this continues, it should translate into lower pump prices for drivers in the UK.”

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PETROL prices fell for the eight consecutive month in February, heightening fears the Chancellor could launch a tax raid in the Budget later this month. RAC fuel spokesman Simon Williams said: "Forecourt prices of both petrol and diesel have remained remarkably stable in February despite the

The differences in prices across countries are due to the various taxes and subsidies for gasoline. All countries have access to the same petroleum prices of international markets but then decide to impose different taxes. As a result, the retail price of gasoline is different.

a car parked on the side of a building: Sainsbury's petrol station in Preston Lancashire UK © Motor1.com UK Sainsbury's petrol station in Preston Lancashire UK

Despite the prospect of falling prices, though, the RAC says much of the UK is getting a raw deal from retailers. The organisation claims the average litre of petrol should be 4p cheaper than the current rate, as savings in the wholesale price (the amount retailers pay for fuel) are not passed on to consumers. The RAC speculates that this could be because petrol stations are banking on drivers simply being “grateful that prices have not shot up”.

However, the RAC says one part of the UK is getting a much fairer deal than the rest of the country. In Northern Ireland, the average litre of unleaded is 2p cheaper than in mainland Britain, while diesel is cheaper on the west side of the Irish Sea, too.

a sign on the side of a road: Esso fuel station in London © Motor1.com UK Esso fuel station in London

“Currently, the prices drivers pay for fuel in Northern Ireland are on average 2p a litre cheaper than the rest of the UK which means retailers in the rest of the UK are charging more than they should,” said Williams. “If they can afford to charge less there, they can afford to elsewhere: this can only mean that drivers in the rest of the UK are being taken advantage of.

“We would very much like to hear retailers’ justification for this price differential. Northern Ireland is more often a cheaper place for petrol and diesel due to greater competition among retailers, but in the last two months we’ve seen this gap widen, which can only mean drivers in the rest of the UK are losing out.”

a woman standing next to a car: Woman refuelling at petrol station © Motor1.com UK Woman refuelling at petrol station

Petrol price smoke screen: Retailers accused of using Middle East oil attack to cheat drivers out of 4p-a-litre savings at the pumps .
Comparisons of wholesale and petrol pump prices made by the RAC showed there was room for retailers to pass on savings of an additional 4p per litre. © Provided by Associated Newspapers Limited Smoke screen: RAC Fuel Watch said the UK average price of unleaded was around 4p a litre higher than it should have been at the end of September Drones launched by Iran-backed militants sparked blazes at the world's largest oil processing facility and a major oilfield in Saudi Arabia on 14 September, igniting fears of supply issues and a spike in forecourt prices. Despite this, average unleaded prices fell by 0.

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