The Office of Fair Trading recently declared that the UK has some of the most expensive petrol and diesel prices in Europe.
The OFT reports that road fuels now comprise 4.5% of the weekly household budget for UK families,pump.with prices spiralling upwards in 2013. The study reviewed five key areas in the petrol and diesel sector – including whether lack of competition in areas resulted in higher prices at the
Fighting back with fuel cards
Fleet managers are increasingly turning to fuel cards to keep their fuel costs down. Most fuel cards shave 3-4p off the price of a litre of fuel, which is especially helpful for businesses that rely on their fleets to generate turnover.
UK consumers and vehicle fleet owners faced increases of 79% for petrol and 82% for diesel between 2003 and 2012. The hike is blamed on a 24ppl increase in tax and duty on road fuels plus a 33ppl rise in the price of crude oil. VAT increased by 11.9p – with a slightly higher increase for diesel. The OFT also found that the presence of just one supermarket in an area resulted in an average 0.7ppl reduction in prices for petrol and a 0.5ppl reduction for diesel among retailers in that area.