December 23, 2015

Brace Yourselves For Higher Fuel Costs

European officials have dropped an investigation into oil and fuel pricing meaning British drivers are exposed to rising costs at the pumps, according to campaigners.

Petrol in Britain should currently be around 2p lower and at a six-year low based on current oil prices. Oil is around £3.33 cheaper than it was at the start of the year, yet wholesale petrol is the same price as it was in January. AA has long urged Brussels to expose why consumers don’t feel the full benefit when oil prices are low, whereas when they rise fuel quickly becomes more expensive.

Transparent pricing, a model adopted in the US, Australia and South East Asia, could help ease the problem, according to experts. It would show drivers where, how and why forecourt prices are rising and would also help drivers and businesses prepare when fuel prices are set to surge, as a result of higher oil prices.

But drivers are now left ‘defenceless’ against rip-off pricing models, thanks to the failure of the EU Competition Commissioner to probe anomalies.

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