Still waiting for tariffs to reflect lower wholesale fuel costs

macman

audigex wrote: »

Crude went over $100/barrel so petrol 'had' to go over £1/litre, since when duty has mostly been frozen

Crude hit $146, petrol hit £1.45

Crude is now $45.... Strangely enough, we're still paying £1.07 a litre

The power companies are the same - they don't get any profit for reducing prices

Point taken, but the crude price is just a small component of the retail petrol price. Shipping,
refining, distribution costs remain, and then of course there is fuel duty and VAT on top, and finally a retailer profit. So a 60% drop in the crude price does not produce a 60% drop in the retail price.

Bark01

https://www.ofgem.gov.uk/publications-and-updates/infographic-bills-prices-and-profits

This provides a good overview of the costs and how the impact of wholesale is reducing.