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OFT report points to competition working well in the UK road fuel sector

PRESS RELEASE
30th January 2013
FOR IMMEDIATE PUBLICATION
The results of the OFT call for evidence - launched last September – announced today conclude that at a national level competition is working well and that higher prices in recent years are largely the result of higher crude oil and taxes. Further, it found "..very limited evidence" to support the contention that pump prices rise more quickly in response to product price increases but fall more slowly when they drop.
The Director General of UKPIA, Chris Hunt, the trade association representing the main oil refining companies in the UK, some of which also have marketing interests, commented on the OFT announcement as follows:
“We welcome the OFT’s conclusions and report.  The UK has had amongst the lowest pre-tax pump prices in the EU for over a decade so the findings come as no surprise.”
He continued: “A more immediate concern is the ability of the UK’s oil refining industry to continue delivering security of supply and resilience in transport fuels. The sector remains under threat from a combination of tough commercial conditions, reduced demand for oil products, structural imbalances in supply/demand and a challenging legislative climate in the EU and the UK.”
Ends
Enquiries to: Nick Vandervell, UKPIA Tel. 020 7269 7604
Notes to editors:
 
  • UKPIA represents nine oil refining and marketing companies that operate the 7 major oil refineries in the UK; the refineries processed 74.7 million tonnes of crude oil and produced 76.1 million tonnes of refined products in 2011 (Source: DECC- DUKES data). UKPIA members also own around 1,900 of the 8,500 filling stations in the UK.

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