You are here: Home - Insurance - News -

Petrol pump sales plunge as Brits cutback

Written by:
Forecourt sales of petrol have plunged to 3.5 billion fewer litres than five years ago, says AA.

In 2007, fuel stations sold 22.872 billion litres of petrol and 14.800 billion litres of diesel, totalling 37.672 billion litres.

Last year, according to latest Department of Energy and Climate Change figures, retailers sold 17.426 billion litres of petrol and 16.734 billion litres of diesel, totalling 34.160 billion litres.

Despite bigger sales of diesel over the past five years, some of it due to companies now buying the fuel direct from forecourts instead of storing it in depots, total fuel sales have fallen 9.3% in the past five years.

Edmund King, president of insurer AA, said: “Greater take-up of diesel cars and smaller petrol vehicles has contributed to this overall decline in UK fuel sales over the long term.

“However, soaring pump prices have taken a huge toll on petrol sales more recently – during the 10p-a-litre price surges last March and October, pump sales of petrol fell by up to 5%.

“The trouble is that, with global economic recovery, the stock market will predict greater oil and fuel demand and push up commodity values accordingly.

“Drivers’ fuel consumption and retail survivability are already precarious, what will happen when the speculators pump themselves up with bullish sentiment and send prices soaring yet again?”

This report comes at a time when households are having to fork out a bulk of their monthly income on petrol and transport costs.

According to Santander, the cost of filling up the average family car with a 70-litre tank is now £97.37 – a 5.5% increase in just two months.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Edinburgh savers most likely to use full ISA allowance

Savers in Scotland's capital are most likely to make use of their full ISA allowance, according to a new report.