Question

To ask the Secretary of State for Energy and Climate Change, if she will initiate an inquiry into the relationship between the price of petrol and the cost of oil.

Movements in pump prices are primarily driven by the underlying price of crude oil, though are also influenced by a range of other supply and demand factors, including refining capacity, stock levels, distribution costs, retail margins and seasonal demand variations.

DECC analysis suggests that on average, at a national level, crude price changes are fully passed through into pump prices within 6-7 weeks; though much of the change is passed through earlier.

The Government is absolutely clear that it expects changes in crude prices to be passed on fairly to consumers. DECC continuously monitors pump prices, and publish average prices of petrol and diesel every Monday, available at:

https://www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-weekly-statistics.

Movements in pump prices are primarily driven by the underlying price of crude oil, though are also influenced by a range of other supply and demand factors, including refining capacity, stock levels, distribution costs, retail margins and seasonal demand variations.

DECC analysis suggests that on average, at a national level, crude price changes are fully passed through into pump prices within 6-7 weeks; though much of the change is passed through earlier.

The Government is absolutely clear that it expects changes in crude prices to be passed on fairly to consumers. DECC continuously monitors pump prices, and publish average prices of petrol and diesel every Monday, available at:

https://www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-weekly-statistics.