BBC Breakfast compare petrol and diesel prices

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Early on Friday morning, the market trendsetter Brent Crude was selling at $118-a-barrel and with WTI crude selling at $112-a-barrel showing a slight decline from Thursday. It comes as petrol forecourts appear not to have changed their prices and implemented the 5p per litre cut to fuel duty announced by Mr Sunak in his spring statement on Wednesday.

The changes were meant to be implemented by 6pm on Wednesday but thousands of garages appear to have not passed the cost on to motorists.

Howard Cox, founder of Fair Fuel UK blasted the move and described it as “sickening exploitation”.

He said: “I am furious that the 6p cut in fuel awarded by the Chancellor in most cases is not being passed onto drivers.

“This is a deliberate ploy by the fuel supply chain to hold onto as much profit as possible.

“This is sickening exploitation, which this government could check immediately.

“And that’s why Rishi could have implemented an independent pump pricing watchdog on Thursday at minimal cost to prevent the fuel supply chain continuing to profiteer from the world’s still highest taxed motorists.”

Tesco, Sainsbury’s, Morrisons and Asda said they would lower prices by 6p, which includes a 1p VAT reduction.

However four big brands – BP, Shell, Esso and Texaco – said they could not ensure immediate price reductions because the majority of their forecourts are run by franchisees. 

Shell claimed it had no control over prices at half of its 1,086 sites, while Esso said about 1,000 sites were operated independently.

BP added about 900 of its 1,200 sites are operated by independent dealers who set their own prices.

The companies said they had passed on the fuel duty where possible.

The last of the four, Texaco, admitted it doesn’t control pricing at all of its 712 sites. 

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Oil prices have been particularly volatile since the Russian invasion of Ukraine began last month with investors increasingly concerned about supply.

Investors are worried that Russia, the largest oil exporter in the world, may not fulfil its contractual obligations despite assurances from the Kremlin.

Other concerns include the EU imposing an oil embargo on Russia or Moscow insisting that supplies are paid for in Rubles, a currency already unpopular with international investors which is now largely worthless due to sanctions.

However, prices appear to have stabilised and have dropped slightly since midweek due to the lack of a embargo from Brussels and increased production in Saudi Arabia.

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