- 20 updates
According to the AA's January fuel report, petrol prices are back on the rise after three and a half months of gradual falls.
It found that the price gap between petrol and diesel has widened from 5p in the summer to 8p this winter.
According to the AA's fuel report in December 2012, throughout the year the cost of petrol in the UK averaged 136.40p a litre and diesel 142.48p.
Previous average pump prices across a year were:
- 2012: petrol 136.40p, diesel 142.48p
- 2011: petrol 133.65p, diesel 138.94p
- 2010: petrol 117.24p, diesel 119.60p
- 2009: petrol 100.02p, diesel 104.38p
Different costs make up the price of petrol at the pump, for example at 130p per litre:
- The actual cost of fuel would be around 48p
- The retailer gets about 5p
- 80p goes on tax and VAT
Later today the Office of Fair Trading will release their findings into whether reductions in the price of oil are being passed on to motorists.
The consumer regulator, The Office of Fair Trading (OFT), will release the findings of its review into whether reductions in the price of crude oil are being passed on to motorists.
ITV Daybreak spoke to customers at a petrol station who said that prices were too expensive and that there should be more consistency on price.
- The UK retail road fuels sector is estimated to be worth around £32 billion
- Petrol prices rose by 38% between June 2007 and June 2012
- Diesel prices went up by 43% over the same period
Today the Office of Fair Trading (OFT), the consumer regulator, will release the findings of its review into whether reductions in the price of crude oil are being passed on to motorists.
The watchdog launched its review in September and called for information from the industry, motoring groups and consumer bodies amid concerns over the prices charged for petrol and diesel at the pumps.
The OFT said on launching the review that it would explore a number of claims about how the road fuels sector is functioning, including whether supermarkets and major oil companies are making it more difficult for independent retailers to compete.
The review also considered whether there is a lack of competition between fuel retailers in some remote communities.
Latest ITV News reports
Despite enormous price rises in the last few years, an Office of Fair Trading report into the UK's fuel market found it is 'working well'.
Pump prices are rising yet again. The wholesale cost has risen almost seven per cent since Christmas alone. Now they want answers.