Channel Islands fuel prices fall as Rubis and ATF report wholesale cost drops

Fuel prices fall in Channel Islands as wholesalers pass on lower costs

Petrol and diesel prices in the Channel Islands have started to fall in recent weeks, Guernsey and Jersey fuel suppliers Rubis and ATF Fuels said, as global wholesale oil costs retreat from the levels seen during the Iran war spike in May.

Both companies told local forecourts that reductions in wholesale costs were being reflected in pump prices this month, with Rubis saying further declines were likely to be passed on over time if wholesale trends continued.

Global oil prices dropped in the fortnight following their Iran war peak, and the RAC reported a 17p per litre fall in diesel prices in June — the fastest monthly decline since 2000 — while petrol showed a smaller but notable decrease.

Rubis said its priority had been to maintain secure, healthy fuel stocks and that as older stocks were replaced by deliveries bought at lower wholesale prices, price reductions would progressively flow through the supply chain to consumers.

ATF Fuels commented that costs began to fall after highs in March and April, but noted refined products such as diesel and petrol tend to lag behind crude price movements due to factors including infrastructure damage related to the Iran conflict and associated refining costs.

The Jersey Consumer Council welcomed the reductions and urged consumers to shop around, warning that retailers typically apply wholesale price rises quickly while passing on reductions more gradually because drivers compare prices more actively when costs are increasing.

The fall in pump prices follows a proposal by a Jersey politician to temporarily reduce fuel duty for three months as a measure to help islanders with the cost of living.

Rubis reiterated that recent price falls for petrol and diesel had already been seen at forecourts and said it expected further reductions to reach consumers if global wholesale prices continued to decline.

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