The price of oil on the markets fell by 10 % recently , however the corresponding drop in prices at on the forecourts seemed not to materialise.
Oil was down from $50 a barrel to less than $45 a barrel. The fall in the value of the pound against the dollar was one factor which mitigated against consumers in the UK. Once again though the main reason for sustained higher prices is the inertia when it comes to lowering prices by all concerned in the fuel retailing side of things.
Although government taxes make up the bulk of the forecourt price, these are fixed, meaning the variation in the market price of oil is the biggest driver of price changes faced by UK motorists.
