The costs involved in shipping the fuel will come down to the factors involved in the wholesale, distribution and retail margin – as well as the storage and getting the product to individual sites.
In terms of the margin – profit – on each litre, it’s up to individual retailers. This is based on the level of margin that they want to receive to their site and the other factors listed above.
The fluctuation in the price of oil will also have an impact on the amount we pay. Also will the changes in duty or VAT.
The general supply of new sources of oil will have an effect, as well as world events. This being said, market forces play the biggest role in how much we pay.
Brent Crude is a classification of oil extracted from the North Sea. This is a general benchmark as a reference price for buyers and sellers of all types of crude oil.
It’s no secret that pump prices change on a daily basis. Current pump prices for fuel in the UK are at their highest level in eight years as the stations run dry.
It’s been reported by The Guardian, RAC figures show that the average price of a litre of petrol rose from 135.p last Friday to 136.p last Sunday. This is the highest recorded price since September 2013.
Experian Catalist figures hshowed that average diesel prices rose from 138.0p a litre on Friday to 138.6p on Sunday.