UK Consumers Feel the Pinch as Shell Announced Its Financial Earnings

As Shell announced its financial earnings for the last year, it was revealed that fuel prices in the UK have risen by 10p per litre.

Fuel Price Increase

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The latest data reveals that the average prices of petrol and diesel have surged by 10p per litre since the beginning of the year.

April Price Hike

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In April alone, the average price of petrol rose by 3p to 150.0p per litre, according to the RAC.

Concerns Over Diesel Prices

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The RAC also highlighted concerns over diesel prices, noting a 2p per litre increase in April, bringing the average to 157.8p.

Unfair Fuel Increase

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In a statement, the RAC insisted that customers were being overpriced for fuel and called the increase “unfair.”

Cost of Living

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Fuel spokesperson at RAC, Simon Williams, said that due to the increase, drivers are finding it increasingly difficult to afford to live their normal lives.

Drivers “Digging Deep”

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“Drivers are once again having to dig deep just to go about their daily lives,” said Williams before revealing the extent of the issue.

Petrol and Diesel Increase

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According to Williams, “petrol and diesel have now gone up 10p a litre so far this year on the back of further increases in April of 3p and 2p respectively.”

Economy a Factor

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Williams puts some of the blame on the current economic state in Britain, arguing that the pound-to-dollar exchange rate is affecting the cost.

Pound-To-Dollar Too Expensive

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“Some of this is down to the oil price and the pound-to-dollar exchange rate making wholesale petrol more expensive for retailers to buy,” Williams insisted.

Companies Report Vast Profits

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Despite this being a factor, Williams also noted the vast profits being made by oil and energy companies in the UK and globally.

Retailers Making “Massive” Profits

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“It’s also very apparent that retailers are making massive margins on diesel,” Williams revealed. This came shortly after Shell announced its quarterly results.

Shell Exceeds Margins

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Shell recently announced its staggering profits made throughout the last financial year, which exceeded its forecast by some margin.

Shell’s Profits Revealed

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Shell announced it profited by a massive $7.7 billion as fuel prices across the globe continue to rise.


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Shell’s CEO, Wael Sawan, insisted that the recent quarterly sales announcement showed a “strong operational and financial performance.”

Shell’s Sustainability in Focus

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Sawan insisted that the rise in profits showed how dedicated the fossil fuel company is to providing sustainable energy solutions.

More Value, Less Emissions

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According to Sawal, the results showed Shell’s “continued focus on delivering more value with less emissions.”

Ahead of Targets

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Although profits didn’t exceed the $9.6 earned the year before, the $7.7 billion this year was still way ahead of what was expected.

An Extra $1.3 Billion

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Analysts predicted Shell to earn just $6.46 billion over the last year, showing that the company earned almost $1.3 billion more than expected.

Call for Regulatory Action

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The RAC urged the Competition and Markets Authority (CMA) to address the disparity within fuel retailing, advocating for fairer pricing for consumers.

The post UK Consumers Feel the Pinch as Shell Revels in Profits first appeared on Swift Feed.

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