UK
petrol retailers have called for an independent regulator to be appointed to examine
the working practices of the major oil companies, their trade association said
on Monday.
The demand follows further announcements of record profits earned by major
oil companies and problems caused by last year’s petrol crisis when fuel price
protesters barricaded refineries and prevented fuel deliveries to service stations.
Go deeper with GlobalData
“Compare earning profits of £2 million ($US2.9 million) per hour with
either an income that may not cover costs, let alone make a profit, or even
losing your business altogether. That’s the stark difference between the oil
companies and petrol retailers in the UK,” said Ray Holloway, director of the
Petrol Retailers Association.
“But, despite these enormous profits, it is the government that mercilessly
continues to take the lion’s share of profits.
“Shell announced annual profits of £9.04 billion ($US13.1 billion), but
the Government took a staggering £23 billion ($US33.4 billion) last year
from long-suffering motorists in the UK.
“Put those figures together, and the public should not be surprised the price
of our fuel is the highest in Europe.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Now, more than ever, an oil industry regulator must be appointed, as in the
other energy industries, and a far reaching inquiry launched into the practices
of the oil industry,” Holloway said.
The UK-based international oil giant BP is expected to announce record profits
this week.
