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Fuellish behaviour
I wrote to you about a year ago querying why diesel in the UK was about 10p per litre more expensive than most places I had travelled to In Europe and North and South America. Your answer was that it was due to the cost and lack of refineries and fuel storage facilities in Britain. Last week, our local petrol station (Asda) was charging 100.9 for diesel, and 101.9 for petrol. Have we discovered more refineries, or do I sense that the honest pillars of society in Parliament have had a hand in the pricing?
Asked on 12 September 2009 by
Answered by
Honest John
No. Petrol has gone up, rather then diesel come down. There has been some manipulation in the refined fuel futures market, called 'contango'. Buy at one price to sell at a higher future price. Then withhold stocks until the market rises to that futures price. Then release stocks at the futures price. That's why so many oil tankers have been sitting around in Scapa Flow and Lyme Bay, waiting for the right price.
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