OMCs stopped revising prices from March 16 to June 7 even as international prices of crude oil, a crucial input in the production of petrol and diesel hit historic lows. During this time the only revisions in the prices of diesel and petrol were a result of changes in state taxes.
The oil marketing companies are now revising prices in line with guidelines and domestic prices of petrol and diesel are rising in line with international prices of petrol and diesel.
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As such, the days of diesel for the mass consumer market may be numbered. The government are under increasing pressure to reduce air pollution. So there have been talks at the beginning of this year about a diesel scrappage scheme to encourage motorists into more environmentally friendly vehicles. Read more about why diesel may be discontinued in this article. On average, a fuel retailer will make 4p per litre on the fuel they sell. This has skewed somewhat with diesel costs soaring.
Now, retailers make around 7. It is rumoured that retailers are bolting costs onto diesel prices in order to keep unleaded prices competitive. The rationale behind this is that regular motorists are more likely to shop around for the cheapest petrol price whereas commercial road users are not.
So, weighing the profit on diesel ensures they can remain competitive on unleaded prices. It would be fairer all round if each fuel was retailed based upon its wholesale price.
But when do corporations care about fair? This was a result of wholesale prices reducing because the GBP was performing well against the USD and forecourts passing on that saving.
This is no longer happening. UK drivers are also subject to fuel tax. Tax is charged at an equal amount across the fuel types with petrol, diesel and even cleaner Liquefied Petroleum Gas all losing 60p to the pound in tax.
Because of the influx of people choosing diesel vehicles for everyday motoring, the UK-based refineries have faced a problem with supplying the demand.
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