The AA says there are indications that road fuel prices in the UK are set to rise again following months of gradual falls because “the industry failed to pass on fully wholesale price savings”.
They say a three-quater-of-a-penny increase since New Year indicates that motorist are set to see rising prices at the pumps and call on the OFT to tackle “the fuel industry’s treatment of drivers, consumers and business”.
Edmund King, the AA’s president said: “Another new year, another new round of pump price rises after the industry failed to pass on fully wholesale price savings... The insight we are now getting on wholesale price movements rams home the need for this information to be out in the public domain immediately.
“Wholesale petrol prices turned upward in the first week of January, average pump prices six days later. If falls in wholesale were reflected as quickly, no-one would mind – but they’re not.”
The OFT are due to report back on its call for information on the UK fuel pricing this month.
Meanwhile the Petrol Retailers’ Association (PRA) have said wholesale fuel costs have risen by 5ppl in just four weeks. They claim retailers have been soaking up the increase so far but predict “the floodgates will have to open soon”.
Commenting on reports that petrol prices are expected to rise by 4p per litre in the coming days, Na h-Eileanan an Iar SNP MP Angus B MacNeil said: “This talked about rise in petrol prices, if it happens, will affect every household and business.
“The Office of Fair Trading must show some resolve here and not stand back if anything comes of this threatened rise.”