Oil: Prices

Department for Energy and Climate Change written question – answered on 8th December 2014.

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Photo of Richard Graham Richard Graham Conservative, Gloucester

To ask the Secretary of State for Energy and Climate Change, what recent assessment he has made of the link between the fall in crude oil prices and petrol prices and whether changes in the price of crude oil are adequately reflected in the price paid for petrol by consumers.

Photo of Matthew Hancock Matthew Hancock Minister of State (Department for Business, Innovation and Skills), Minister of State for Portsmouth, The Minister of State, Department of Energy and Climate Change

Movements in pump prices are largely driven by crude oil prices. In January 2013, the Office for Fair Trading published the results of a Call for Information to investigate whether or not competition problems existed in the road fuels market. This included investigating concerns that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. Their analysis found very limited evidence of this.

The Government believes that it is important that consumers get a fair deal and that falls in oil prices materialise into lower prices for motorists. The Government urges fuel retailers fully to pass on changes in the oil price to UK consumers at pumps in full and as quickly as possible.

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