As Crude Oil Collapses, So Petrol Pump Prices Plummet [Forbes]
Tribune Publishing Co (TPCO)
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Source: Forbes
Petrol prices in the U.K. are staring down a barrel. (Photo by Matt Cardy/Getty Images)2017 Getty ImagesThe link between the price of crude oil and the cost of petrol at U.K. filling stations can at times appear to only be correlated when commodity prices rise.The oil companies and to a lesser extent the grocery retailers have not always been willing to pass on the benefits of a fall in the oil price. This behavior has flown in the face of “Oligopoly Pricing Theory”.However, at a time when the restrictions are curtailing travel, both commercial and domestic, demand for fuel at the pump has declined dramatically. The Petrol ers Association (PRA) which represents independent fuel retailers that constitute most forecourts in the U.K. cites a survey by the government. This suggests petrol (gasoline) sales have declined by 75% with diesel sales off by 71%.That, when coupled with a huge surplus of oil as producing nations have struggled to reach an output agreement has led to a change in ma
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