Oil: Prices

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

Alert me about debates like this

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 motorists are charged prices for petrol and diesel which reflect the wholesale oil price.

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

The Department’s analysis shows that retail prices of petroleum products such as petrol and diesel are primarily driven by the underlying price in the global market of crude oil and by exchange rates. Departmental analysis shows that changes to the price of crude oil feed through to retail prices over the course of 6-7 weeks. The prices are also influenced by a range of other supply and demand factors, including refining capacity, stock levels, logistics and distribution costs and seasonal demand variations.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.