Oil: Prices

(asked on 19th January 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure motorists are charged prices for petrol and diesel which reflect the wholesale oil price.


Answered by
Greg Hands Portrait
Greg Hands
Minister of State (Department for Business and Trade)
This question was answered on 24th January 2022

The Department’s analysis shows that retail prices of petroleum products such as petrol and diesel are primarily driven by the underlying price in the global market of crude oil and by exchange rates. Departmental analysis shows that changes to the price of crude oil feed through to retail prices over the course of 6-7 weeks. The prices are also influenced by a range of other supply and demand factors, including refining capacity, stock levels, logistics and distribution costs and seasonal demand variations.

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