“Oil prices are down 8% since the beginning of June and yet the price of the petrol on forecourts has risen 12.5% since then.
“This raises one obvious question. Why have the UK’s 36 million drivers seen rising costs passed on to them without delay but not seen falling wholesale prices translate into a cheaper tank of fuel just as quickly, if at all?
“Historically, we know that forecourt owners routinely raise prices more rapidly than they reduce, but in exceptional economic circumstances they need to be more proactive in helping consumers. With the cost of living crisis biting, this means calls for the Government to intervene will only get louder.
“The role that fuel prices are playing in the cost of living crisis is difficult to overstate. Fuel represents an enormous, unavoidable cost which will be draining disposable incomes, pushing up the cost of food and goods, and pulling revenue away from other businesses desperate for money as interest rate and other price rises mean people spend less. Petrol has only crept up in price over the past week and public patience is fast running out.”
James has spent the past 15 years writing and editing personal finance news, specialising in consumer rights, pensions, insurance, property and investments - picking up a series of awards for his journalism along the way.