The Guardian is reporting two newspieces that will put a smile on driver’s faces… A fall in wholesale prices could herald a 5p-a-litre cut. AA president, Edmund King, said: “With both the International Energy Agency and Opec [the oil-producing countries]saying last week that the global oil market is ‘well-supplied’, the pressure to maintain petrol wholesale prices at or just below record levels and kill even more consumer demand is absurd and incomprehensible. To help the 35 million UK drivers, the government should address the current destructive tendencies in the oil and road fuel markets. Greater transparency would be a good start.
Petrol sales driving economic recovery?
The Guardian is suggesting that petrol panic buying is a key reason why retail sales rose by 1.8% in March. Excluding petrol, overall retail sales still rose by a healthy 1.5% on the month. The sales accompanied strong clothing sales as shoppers stocked up summer wardrobes.
Head Barclays bod, Richard Lowe, commented: “The tide may finally be turning for the high street, and with unemployment falling there is certainly a feeling the stability of the past few months is here to stay.”