Forecourt Trader - 30 years at the heart of the fuel retailing community

Retailers hit by profiteering charge

03 February, 2011

Fuel retailers have been stung by charges of profiteering, as fuel prices have continued to maintain record levels

at the pumps. Stories in the national press have reported that retailers and oil companies are keeping fuel prices high, despite a 2p drop in the wholesale cost of fuel, which have led to pump-price reductions across Europe.

RMI Petrol, which has worked tirelessly to put the pressures facing the independent fuel retail sector across to both the general public and the government on a number of issues, reacted angrily. Chairman Brian Madderson said the reports suggesting that petrol retailers were profiteering due to erosion of wholesale prices were both incorrect and irresponsible.

"RMIP operates Big Oil, a well-respected daily price monitoring system based on Platts, which provides actual wholesale contracts.  This highly accurate and up-to-date system confirms that diesel, which now represents 55% of the UK market for road fuels, has moved steadily upwards by over 2.4ppl since the New Year. Petrol, at only 45% share, has increased just 0.46ppl over the same period.

“Forecourts are closing at the rate of around 400 per year with smaller, but socially vital, rural sites most at risk.  Attempts to deflect the impact of relentless Government tax hikes by suggesting that retailers are "profiteering" are ludicrous and unhelpful to an industry sector struggling to preserve jobs, especially in the challenged rural communities.”

  • Weekly
  • Weekly
  • Daily
Weekly retail fuel prices: 15 July 2019
RegionDieselLPGSuper ULUL
East Midlands
North East
North West
Northern Ireland
South East
South West
West Midlands
Yorkshire & Humber

Most read

As ESSO and BP join Shell and Gulf in launching new loyalty programmes this year, are such schemes a key tool for businesses today?