The drop in the value of the pound has added a further 7p per litre to fuel bills, according to the Competition and Markets Authority
ByThe fall in the value of the pound has added 7p per litre to drivers’ fuel bills over the past year, according to Government-commissioned analysis.Competition and Markets Authority found that the “principal drivers” of high fuel costs are rising oil prices and increased profit margins at oil refineries.
The report, published this week, stated that the growing cost of oil – which is generally priced in US dollars – accounted for around a 20p per litre rise in UK fuel prices in the past 12 months. The drop in the value of the pound compared with the dollar over the same period added a further 7p per litre to fuel bills.The report found that the reduction was generally passed on by retailers.
The latest Government figures show the average price of a litre of petrol at UK forecourts is around £1.62, while diesel is about £1.81 per litre.
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