Fuel News

There are no rules surrounding the mark-up that retailers can set when selling fuel, but it appears that in March retailers chose to raise profit margins rather than setting a fair price.

With an aim to save drivers £4.00 per full tank, Moto Hospitality service stations will be trialling a cut in its fuel prices at five locations in the UK.

Electric car owners were recently given the opportunity to make the most of surplus energy which could otherwise be wasted, whilst getting paid to do so.

There has been a lot of speculation recently regarding the price of fuel during the coronavirus pandemic, and research has now shown that fuel has dropped to its lowest level since May 2016.

Global oil prices have hit an 18-year low and it is estimated that for consumers, fuel could cost as little as 98p per litre if the lower wholesale costs were reflected at the pumps. But, it should be considered that if the largest fuel retailers do decide to make another price cut, this will heap yet more pressure on smaller forecourts.

Motorists are advised to check whether their local petrol station is open before leaving to fill up. This is because independent fuelling stations face staff shortages through illness and self-isolating employees, as well as increased competition from supermarkets enjoying higher footfall and offering record-low prices at the pumps.

The fuel price drop over the last month has been enormous and there is still scope for forecourts to come down even further, if retailers pass on the savings they are making to drivers.

As part of the plan to get drivers into electric vehicles (EVs) by 2035, more charging points are to be installed UK-wide. Supermarkets are a particularly important place to have these charging points available, as many people will be visiting for a good length of time, providing a good opportunity for charging. For this reason, the number of available charging points is growing.

The coronavirus outbreak has led to a drop in the price of oil, due to a few different reasons.