Fuel providers hopeful of more price reductions

Fuel providers hopeful of more price reductionsImage source, ReutersImage caption, Fuel providers said price reductions were being passed on to customersPublishedJust nowTwo of the biggest fuel providers in the Channel Islands have said pump prices are steadily falling.Both Rubis and ATF Fuels said recent drops in wholesale costs were now filtering through to local forecourts in Guernsey and Jersey. The price of petrol and diesel reached an Iran war peak in May, before starting to fall. A spokesperson for Rubis said if wholesale prices continued to fall it expected "to see further reductions passed on over time".In the last fortnight, global oil prices have returned to levels not seen since before the Iran war.The RAC also reported the fastest monthly fall in diesel prices since 2000 in June with the cost falling by 17p a litre.Petrol prices have also fallen, although with a more modest drop than diesel. In an online post, external, the Jersey Consumer Council welcomed a reduction in prices but encouraged islanders to "shop around".It also told islanders not to expect prices to drop as quickly as they had risen."When wholesale prices rise, retailers typically pass these increases on swiftly. In contrast, when wholesale costs fall, reductions at the pump tend to happen more gradually"."This is partly due to consumer behaviour, as drivers are more likely to actively compare prices when costs are rising than when they are falling" it said. The fall in prices comes after one Jersey politician proposed reducing fuel duty for three months to help islanders with the cost of living.'Further reductions over time' Rubis said its priority had been to "maintain secure and healthy fuel stocks" but as stocks were replaced with new deliveries purchased at lower wholesale prices, those reductions would "progressively flow through the supply chain".A spokesperson said: "Over the past few weeks, we have alread...