Recent rise in petrol prices
There has been considerable concern recently about the increase in transport fuel prices on the Island. The Isle of Man Office of Fair Trading has raised this issue with local suppliers and can advise consumers that the increases have been due to a combination of two main factors. The increase is a direct result of the increase in the wholesale price of the refined product in conjunction with exchange rate losses of the pound against the dollar.
Increasing prices are not unique to the Isle of Man. Last week the BBC reported on a statement from the AA that UK petrol prices could hit a record average high over the next few weeks. The motoring organisation was reported as saying that the “Increases in the wholesale price of petrol since January are to blame for the rise in forecourt prices”. The BBC report recognised that there were regional differences in the price of fuel but said that some petrol stations in central London were already charging £1.20 per litre, with the average in the UK being £1.16 per litre.
A report on an investigation into Liquid Fuel Prices on the Isle of Man conducted by the Office on the instructions of the Council of Ministers will be laid before Tynwald by the Council in April.
Chairman of the OFT Bill Henderson MHK said “I know full well that consumers and businesses are as concerned as I am. I am not happy about increasing fuel prices at all. I can fully sympathise with people. There are reasons however beyond the control of the fuel suppliers which are affecting fuel prices across the British Isles. The report of the findings of the investigation the Office conducted into the price of liquid fuel, which will be available in April, will clarify the factors affecting fuel prices on the Island. However, we are not here to make excuses for the fuel industry but to inform the public as to the information coming back to us from our recent inquiries and requests to understand what is happening.”