Brown tells energy suppliers to reduce price

20 October 2008

The Prime Minister has challenged petrol and energy suppliers to reduce the cost to ordinary consumers.

Accusing petrol retailers of over-charging, Gordon Brown has told them to follow the lead of Morrisons and Asda and bring prices down below £1 per litre, The Times reports.

Now that oil prices are falling below $70 (about £40) per barrel, petrol companies are coming under a great deal of pressure to drop the prices they’re charging on the forecourt.

Addressing the huge differences in petrol prices across the country, Gordon Brown said: “In some areas, it is as high as £1.20 per litre. That must change. I think the public know that when oil prices go up it is reflected very closely in the pump price. They want to know when it comes down, it will be reflected equally.”

Ministers have also called on electricity and gas suppliers to reduce their bills, with Energy Secretary Ed Miliband warning that the Government would, if necessary, legislate to address the cost issues surrounding prepayment meters.

“With inflation standing at 5.2%,” said a spokesperson for debt management company Gregory Pennington, “many people simply can’t keep up with all the price rises. Consumers everywhere are finding their monthly budget stretched, and as a result many are falling into debt – or struggling to manage the debt they already have.”

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).