Petrol Prices Stagnant Despite Falling Wholesale Costs

0:00On April 29th, drivers are fuming at the pumps as petrol and diesel prices stay high, even though wholesale costs have tumbled. New rack figures show petrol dipping just one penny per liter. Diesel, two pence, way, slower than expected. Global oil prices set under $110 a barrel for nearly 3 weeks, down from almost 120 last month. That's despite the straight-of-form moves staying shut from the ongoing conflict. Having an average 55 liter family carting still costs over 13 pounds more for petrol or 26 pounds extra for diesel than on. February 28th, when things heated up, RAC policyhead says pumps should reflect those lower wholesale drops soon. UK drivers have now spent 2 billion pounds extra on fuel since the war started, netting the chancellor over 300 million pounds in surprise. That cash. Northern Ireland saw quicker relief, with petrol down 2 pence and diesel over 4 pence last week. BP just doubled profits to 2.5 billion pounds in the first 3 months.

1:03It's best quarter since 2023, drawing fire from the energy secretary over crisis profiteering. With oil climbing back toward $113 and production flat, expect pump pain to linger a bit longer.