05/09/2008

Petrol Retailers Charged With Excessive Pricing

A consumer group has challenged petrol retailers for failing to reduce their prices despite falling global fuel costs.

The boss of the Consumer Association of Ireland demanded an explanation on Thursday night - following earlier assurances from the retailers - as to why high prices are still being charged at the pumps, and was told that the Euro has fallen against the Dollar.

However, Chief Executive Dermot Jewell said he was not convinced with the arguments, and demanded that retailers publish a weekly or bi-weekly bulletin explaining why they are instead putting up their prices.

The news comes as oil prices dip towards $107 a barrel on Friday, leaving an 8% fall for this week.

However, retailers argue the US Dollar has rallied to its highest against the Euro in 10 months on Thursday, while the European currency staged its biggest one day drop against the Yen in a decade.

(DW

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