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Oil Refining Capacity and Fuel Prices

Michael Connarty: To ask the Secretary of State for Energy and Climate Change what assessment he has made of the effects of the UK’s oil refining capacity on levels of fuel prices charged at the pump. [50427]

Charles Hendry: Petrol and diesel are openly traded commodities within the EU and internationally, and we believe this open market provides the best long-term guarantee of competitive prices for the consumer. There are a range of factors that can impact upon retail fuel prices including crude oil costs, refinery capacity, stocks levels, distribution costs, margins charged by retailers, tax and duty and exchange rates. UK retailers will have to continue to remain competitive in their pricing whether the product they sell is refined in the UK or is imported.

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