The price of petrol and diesel on the Isle of Wight is on the rise once again – and it’s partially because the price of oil has been dropping too quickly.
With the cost of living crisis spiralling out of control, motorists will be anxious at the thought of fuel prices creeping up again.
This week, Tesco in Ryde – thought to be the busiest petrol station on the Isle of Wight – bumped prices up by 2p a litre for diesel after weeks of a steady drop in the pump price from a high of almost £2 a litre earlier this year. However, at 181.9/l it is still a penny cheaper than it was in August and 16p cheaper than in June.
It has been revealed that prices are going up again as the Opec group of nations cut output earlier this month, a purposeful move to stop the price of oil from dropping. At its peak, Brent Crude was $128 a barrel, dropping to $95 in August and to $84 in September. It is now sitting at $91.
The slump of the Great British Pound hasn’t helped matters either with the Competition and Markets Authority finding that the poor performance of the pound has added around 7p a litre onto the cost of filling up.
Furthermore, retailers are, according to the RAC, hiking profit margins which has seen prices sit at around 10p a litre more than they should be – some may say its pure greed, others may say they are recouping their loses from the early days of the pandemic.
Diesel vehicle owners are feeling the pinch more than those with petrol motors with the price of diesel sitting at around 20p/l more on average.
Currently, the average price of petrol in the UK is £1.62 and diesel £1.81 – that’s a whopping 25p a litre more for petrol and 40p a litre for diesel than 12 months ago.
Oil prices drop and it takes months to reach the pumps yet rises go through in days once again?
maybe some should remind Tesco that if their customers feel they are being ripped off they will shop elsewhere. (Not that the competition have any less contempt for their customers)
To use their own slogan, when eroding customer loyalty “every little helps”.
Island fuel stations are having a laugh
Drove to London 11 days ago, fuel was actually cheaper in London
Esso was cheaper than Tesco
I am not joking.
I find it difficult to understand why a particular chain of stores charges differently for fuel at different locations. Baked beans in equivalent sized Tesco stores cost the same across the country but petrol last week was 5p a litre cheaper in a West London Tesco than Ryde. Six months ago it was the opposite way round (so it is not about distribution costs).
London wages are much higher than island wages
So why is fuel more expensive on the Island.
Also Council Tax on the Island is much more than many
London Boroughs.
Transportation cost dear..
Nobody complained when the prices were a lot lower on the Island for month,s you take the rough with the smooth . Whinging Islanders.
Harwoods Lushington hill on Saturday i needed fuel, saw on the big price board 1.65 per litre for petrol, thought well at least its almost the same as Tesco so put in £40 worth, went to pay, was 1.85 per litre!! Queried the pricing was told, well the board isnt working properly……How convenient. Think trading standards will be paying them a visit soon hopefully, robbing dick turpins
Hardwoods done the same to me, also gave free car wash
BUT THEIR CAR WASH IS NOT OPEN due to HOSEPIPE BAN
Tesco Car wash is open
HARDWOODS ARE LIARS
We all know that petrol prices are being kept artificially high by petrol companies and supermarkets who are ripping off drivers, so let’s not pretend it has anything whatsoever to do with a cut in production. And like the lemmings that the British public are, we all just sit there and accept being taken advantage of. In France they would be fire bombing the forecourts.