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Fuels: Costs

Question for Department for Business, Energy and Industrial Strategy

UIN 149264, tabled on 29 March 2022

To ask the Secretary of State for Business, Energy and Industrial Strategy, what assessment he has made of trends in the cost of fuel over the next 12 months.

Answered on

6 April 2022

The Department’s analysis shows that retail prices of petroleum products such as petrol and diesel are primarily driven by the underlying price in the global market of crude oil and by exchange rates. Departmental analysis shows that changes to the price of crude oil feed through to retail prices over the course of 6-7 weeks. The prices are also influenced by a range of other supply and demand factors, including refining capacity, stock levels, logistics and distribution costs and seasonal demand variations.