Fuels: Prices

(asked on 18th December 2014) - View Source

Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what assessment he has made of recent trends in the relationship between the global price of oil and the cost of petrol in the UK.


Answered by
Priti Patel Portrait
Priti Patel
This question was answered on 23rd March 2015

The crude oil price is currently around $60 per barrel having fallen around 45 per cent since their peak in June last year.

The fall in crude oil prices are being passed through in lower prices at petrol pumps. The average price of petrol has fallen by 15.3 per cent from its peak of 131 pence per litre in July last year to 111 pence per litre. Average diesel prices have fallen by 14.5 per cent from their peak last year.

The government has made very clear that it will watch industry to ensure that savings from the fall in oil prices are being passed through to consumers.

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