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Brian Madderson, chairman of the independent petrol retailers association and Majid Jafar, chief executive of oil and gas company Crescent Petroleum, give Ian King Live their views on where oil and petrol prices will go.
The tumbling price of oil and a brutal battle for customers between supermarkets mean British drivers could be paying less than £1 for a litre of fuel by Christmas, handing a boost to consumers for the festive season.
According to the RMI Petrol Retailers Association, the average price of petrol stood at 106.9p on Tuesday, before the latest price cuts, but the wholesale price of petrol was just 80.73p.
Brian Madderson, chairman of the PRA, said: “We could see something of a price war, particularly with the ‘big four’ supermarkets. They are under pressure from shareholders to have a good Christmas and they have got two discounters Aldi and Lidl snapping at their heels, but one of the points of difference they have is fuel.
“We have already seen on Black Friday that Asda went to 99.7p, below cost, so in the run-up to Christmas anything is possible. Unfortunately for my independent members it is not good news. But £1 a litre fuel will help their customers to get in the Christmas spirit.”
The result of the referendum on the UK’s membership of the European Union will be announced in Manchester, the Electoral Commission says. The city will host the count collation system designed to keep track of all the votes cast across the UK and Gibraltar after the close of polls. The result will be announced by the Electoral Commission’s Jenny Watson at the venue, which has yet to be chosen. PM David Cameron has promised a referendum by the end of 2017.
The Financial Times
Volkswagen has admitted to “a mindset” in areas of the German carmaker that tolerated breaking the rules and weaknesses in some of its processes as it unveiled the preliminary results of its investigation into a damaging emissions scandal. VW said on Thursday an illegal defeat device designed to cheat during emissions tests was installed in diesel vehicles as it was not possible to meet nitrogen oxides levels in the US “within the required timeframe and budget”. But the German carmaker did not say who was responsible nor how high up knowledge of the matter went, saying that the US law firm investigating the matter would need to work well into next year to complete its probe.
The Daily Telegraph
For years they have infuriated residents in London’s Knightsbridge with their incessant racing around the neighbourhood in noisy supercars. But boy-racers found guilty of wrecking the peace will now be fined £1000 after locals won a battle to make the uncouth behaviour a criminal offence. The Royal Borough of Kensington and Chelsea, which plays host to Harrods department store, has introduced a Public Spaces Protection Order (PSPO) which hopes to restore peace to the neighbourhood.