Oil: Prices

Department for Business, Energy and Industrial Strategy written question – answered on 24th January 2022.

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Photo of Robert Halfon Robert Halfon Chair, Education Committee, Chair, Education Committee

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps he is taking to ensure that falling wholesale oil prices are reflected at filling stations.

Photo of Greg Hands Greg Hands The Minister of State, Department for Business, Energy and Industrial Strategy

BEIS publishes weekly national average pump prices: www.gov.uk/government/statistical-data-sets/oil-and-petroleum-products-weekly-statistics. The Department’s analysis shows that both rises and falls in crude oil prices are passed through to consumers over the course of 6-7 weeks. No evidence has been found to suggest that, for given changes in crude oil prices, retail prices rise faster than they fall.

Competitive markets ensure that consumers get a fair deal and that road fuel prices stay as low as possible. This framework delivers pre-tax prices in the UK which are below the European average.

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