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Fuel providers hopeful of more price reductions

Image source, Reuters

Image caption,

Fuel providers said price reductions were being passed on to customers

Published 7 hours ago

Two of the biggest fuel providers in the Channel Islands have said pump prices are steadily falling.

Both Rubis and ATF Fuels said recent drops in wholesale costs were now filtering through to local forecourts in Guernsey and Jersey.

The price of petrol and diesel reached an Iran war peak in May, before starting to fall.

A spokesperson for Rubis said if wholesale prices continued to fall it expected "to see further reductions passed on over time".

In the last fortnight, global oil prices have returned to levels not seen since before the Iran war.

The RAC also reported the fastest monthly fall in diesel prices since 2000 in June with the cost falling by 17p a litre.

Petrol prices have also fallen, although with a more modest drop than diesel.

In an online post, external, the Jersey Consumer Council welcomed a reduction in prices but encouraged islanders to "shop around".

It also told islanders not to expect prices to drop as quickly as they had risen.

"When wholesale prices rise, retailers typically pass these increases on swiftly. In contrast, when wholesale costs fall, reductions at the pump tend to happen more gradually".

"This is partly due to consumer behaviour, as drivers are more likely to actively compare prices when costs are rising than when they are falling" it said.

The fall in prices comes after one Jersey politician proposed reducing fuel duty for three months to help islanders with the cost of living.

'Further reductions over time'

Rubis said its priority had been to "maintain secure and healthy fuel stocks" but, as stocks were replaced with new deliveries purchased at lower wholesale prices, those reductions would "progressively flow through the supply chain".

A spokesperson said: "Over the past few weeks, we have already seen prices fall for petrol and for diesel and these reductions are being passed on to forecourts and ultimately consumers.

"If global wholesale prices continue to fall, we expect to see further reductions passed on over time."

ATF Fuels said costs had been falling since the highs of March and April, and consumers would have seen this reflected in the price at the pumps.

It added: "While the crude prices have fallen significantly, the cost of refined products such as diesel, petrol and kerosene have been slower to fall.

"This is primarily due to infrastructure damage caused by the war in Iran and the costs associated with refining crude".

Follow BBC Guernsey onX, externalandFacebook, external. Follow BBC Jersey onX, externalandFacebook, external. Send your story ideas tochannel.islands@bbc.co.uk, external.

More on this story:

Oil price falls back to pre-Iran war levels

*   Published 25 June

Diesel sees biggest monthly fall in 26 years. What's happening to fuel prices?

*   Published 4 days ago

Deputy launches proposal to reduce fuel duty

*   Published 18 June

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Fuel providers hopeful of more price reductions

Fuel providers hopeful of more price reductions

'Further reductions over time'

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