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PETROL PRICES: A rule or regulation to link the wholesale cost (oil barrel) to the price paid at the fuel pump

Submitted on Tuesday 16th August 2011

Published on Monday 22nd August 2011

Current status: Closed

Closed: Wednesday 22nd August 2012

Signatures: 9

Tagged with

Law

Petition Action

PETROL PRICES: A rule or regulation to link the wholesale cost (oil barrel) to the price paid at the fuel pump

Additional Information

In the last couple of weeks, we have seen an 18% REDUCTION in the cost of a barrel of oil. However, over that same period, we have seen a 2% INCREASE in the cost of petrol and diesel at the pumps.

We need to stop this practise immediately. It is well known that as wholesale prices increase, pump prices increase, but as wholesale prices reduce, these reductions are far slower to be passed onto motorists.

We need to directly link the pump cost of fuel, to the wholesale cost of barrels of oil. If we can achieve this (in law), then motorists can be confident that as wholesale costs fluctuate, we continue to pay a fair price for the fuel as we buy it in petrol stations.


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