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Finally the cost of fuel starts to mirror falling oil price!

It has taken weeks to move down, even after the oil price collapsed from around $150 to under $100, but now we are seeing signs of a concerted fuel price war across the UK. Not only are we seeing the supermarkets reduce their prices to attract customers but we are also seeing the oil major reducing the price on the forecourts of the UK. So why now? What has happened?

It seems as though there has been real behind the scenes pressure from the authorities for reductions in the price of fuel across the board. The regulators stood back and watched the prices go up on the back of the oil price and now they appear to have stepped in to ensure prices now more closely reflect the fall in the price of oil.

It will be interest to see how far this price war goes because the supermarkets seem to have the power at the moment and are pulling the price strings up and down the UK. The problem for traditional petrol stations is the fact that supermarkets can afford to make no profit on fuel and use it as a way to get you into their stores.

Not many oil giants or independent retailers can cope with that!

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