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Government dismisses call for fuel price regulator By John Wood Published: 20 January, 2017 fuel pumps The government has given a curt dismissal to a petition calling for an “independent pump-watch body to monitor and regulate vehicle fuel pricing”. The petition was launched on the government’s petitions website at the end of October last year by Quentin Willson and Howard Cox, founders of the FairFuel campaign, and Conservative MP Charlie Elphicke. In the pumpwatch petition they claim “when and why forecourt prices rise and fall is a closely guarded secret” and that “fuel prices rise almost overnight but take weeks to go down”. If a petition gets 10,000 signatures within six months the government will respond, and if it reaches 100,000 it will be considered for a debate in Parliament. Nearly half way through the six-month period, due to expire on April 28, the pumpwatch petition has attracted 29,750 signatures. In response, the Department for Business, Energy and Industrial Strategy said: “Government monitors fuel prices and both rises and falls in crude oil price reach the pumps within seven weeks. A competitive market is the best way to keep prices low; a new regulator is not necessary.” It added: “Analysis by the Department for Business, Energy and Industrial Strategy suggests that on average, at a national level, crude price changes are fully passed through into pump prices within 6-7 weeks. This time represents wholesale contractual arrangements and the time taken for fuel to be delivered to filling stations through the supply chain. There is no evidence to suggest that, for given changes in crude oil prices, retail prices rise faster than they fall.”

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Oil price hike powers Rosneft $11bn stake sale

Oil price hike powers Rosneft £8.5bn stake sale to Glencore and Qatar http://news.sky.com/story/oil-price-hike-powers-rosneft-11bn-stake-sale-to-glencore-and-qatar-10687408

OPEC production cut decision could push fuel prices to 120ppl says PRA Published: 30 November, 2016 Pump prices could rise to 120ppl following the OPEC meeting in Vienna and news that production will be cut by 1.2 million barrels a day. City analysts estimate the decision will see Brent Crude heading towards US$55/barrel. Brian Madderson, chairman of the Petrol Retailers Association (PRA) said: “This producer’s accord could push pump prices up to 120ppl very quickly and was one of the reasons we argued for a duty cut of 3ppl in the Autumn Statement. “I am afraid the Chancellor was just too timid and missed a great opportunity to help consumers and businesses going forward into 2017. “With wholesale costs rebounding by nearly 2ppl in the past two weeks, we should expect further increases next month just as the festive driving season and Christmas online deliveries get into full swing. This OPEC announcement will be welcomed by the producers - but is not good news for the UK economy and inflation.”

RAC urges Chancellor to keep freeze on fuel duty as fuel prices rose faster in October Published: 04 November, 2016 The RAC has called on the Chancellor to maintain the freeze on fuel duty in the forthcoming Autumn Statement, because of the continuing volatility of fuel prices. The price of petrol rose more in October than at any time since February 2013, with diesel rising at the fastest rate since May 2008, according to the RAC’s latest Fuel Watch report. The motoring organisation says a combination of a weak pound and Brexit fears since the UK’s EU referendum vote, plus rising oil prices, have contributed to average petrol prices rising by 4.39p per litre from 112.34p on October 2 to 116.73p on October 31. Diesel was up 5.17p per litre, ending the month at 118.65p on average, having begun the month at 113.48p. The average price of both fuels at the forecourt are now at their highest levels since July 2015 – 116.73p per litre for petrol and 118.65p for diesel. However the RAC comments that there are indications that pump prices might stabilise or even reduce slightly in November, as the cost of oil started to fall back in the last days of October. A barrel of Brent crude averaged just under $50 through the month but ended October at a one-month low of $46.63, down from its peak of $51.63 on Wednesday, October 19. Wholesale prices have also responded by dropping sharply at the very end of the month, down by almost 1p and 2p a litre for petrol and diesel respectively.

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Fuel prices set to rise after Sterling plunges By John Wood Published: 07 October, 2016 A sharp fall in the value of sterling could lead to further increases of prices at the pumps, according to the RAC. During Thursday night (October 6) Sterling plunged from just over $1.26 to $1.18 before recovering to around $1.23. RAC fuel spokesman Simon Williams said: “The unexpectedly sharp fall in the value of the pound will make the wholesale price of fuel go up. Sadly, it’s also happened at a time when the oil price appears to be rising again so the combined effect will be bad news for motorists. We’re likely to see the price of both petrol and diesel increase by around 3ppl in the next fortnight. “Oil has gained $6 a barrel since OPEC announced at the end of last month that it is finally going to move to cut production potentially signalling an end to its two-and-a-half-year oversupply strategy. The physical cost of a barrel finished trading on Thursday at just over $50 – a price not seen since 9 June when the pound was worth $1.45, and the average price of unleaded and diesel was around 111p a litre.

PRA welcomes OPEC deal PRA chairman Brian Madderson PRA chairman Brian Madderson has welcomed news of a potential deal to limit production within the oil producers cartel OPEC, which could result in an increase in the price of oil. He cautioned that implementing any deal involving countries such as Russia and Saudi Arabia cutting production would be difficult, but said: “A modest increase in the price of oil will be welcome news to the oil companies and to the wider fuel sector.” He said if the deal was implemented it would reinforce the PRA’s view that oil would be trending towards $60 a barrel by the end of the year. He added: “There is no likelihood of the high prices of two years ago, but the days of £1 a litre are long gone. It will be nearer £1.20 a litre by the end of the year.” The RAC agreed that any potential increase would be limited. Spokesman Simon Williams said: “News that OPEC has agreed a preliminary deal to cut production marks a major move away from its long-term over-supply strategy. This has been aimed at trying to maintain its market share by thwarting the threat of US shale oil with a lower barrel price than its break-even production point. “While the detail of the production curb is to be decided next month, it is well worth remembering that OPEC members often struggle to reach a consensus and that the low price strategy of the last two and a half years will be wasted if the barrel price goes above $55 and shale oil production kicks back in at full pace. “From a motorists’ perspective we don’t feel there is cause to panic as, while pump prices may rise a little in the short-term from the current 112p a litre for petrol and 113p for diesel, we are very unlikely to see a return to the dark days of April 2012 when unleaded was 142p and diesel was 148p as a result of oil being well over $100 a barrel.

New fiver enters circulation By Merril Boulton Published: 13 September, 2016 New polymer £5 bank note rear view featuring Winston Churchill The Bank of England’s first polymer note – the new £5 featuring Sir Winston Churchill – entered circulation on Tuesday, September 13. It has printed 440 million 'new fivers' which will begin to be available from many cash machines and bank counters across the UK. The new £5 note is made from polymer, a thin, flexible plastic material which is resistant to dirt and moisture, and lasts around 2.5 times longer than paper. It has also enabled the introduction of a new generation of security features, making it even harder to counterfeit. Paper £5 notes will be gradually withdrawn as they are banked by retailers and businesses. Paper £5 notes can be used as usual until May 5, 2017, after which they will cease to be legal tender, but can be exchanged at the Bank of England.

New diesel engines still exceeding emission limits By John Wood Published: 01 September, 2016 Many new diesel cars are still exceeding emission limits despite having passed official tests, according to independent tests. The EQUA Air Quality Index has been developed by Emissions Analytics, and aims to measure emissions in real-life on-the-road driving rather than the laboratory-based test used for the Euro-6 standards. The company tested more than 20 new cars during August and reported that Volkswagen was the only manufacturer to achieve an A rating, meaning that its real-world NOx emissions are less than or equal to the Euro-6 limit recorded in the laboratory

Fund to improve journeys Published: 12 August, 2016 A £2m fund to allow councils to capitalise on emerging technologies and deliver better journeys for motorists has been launched. Local authorities have been invited by the Department for Transport to apply for a share of the money to develop projects to enhance journeys. Proposals include using technology that will allow vehicles communicate with each other and roadside sensors to provide the drivers with real-time traffic information. Councils will also look at how warnings about changing weather and traffic conditions can be sent directly to vehicles, so drivers can plan ahead - helping deliver quicker, more efficient and safer journeys. Under a previous scheme, Westminster City Council has been building an app that directs drivers to empty parking spaces in central London and then takes payments automatically for using the spot.