YEP. Oil went up today and my local garage now gone up to 130.9 / ltr.
Even though it is still less per barrel than when the price was 129.9 / ltr.
So as far as I can tell this is how it works.
1/ Oil goes up pump price goes up
2/ Oil goes down lets keep making profit on the higher pump price.
3/ Oil starts going back up lets rise those price more.
The retailers should pass on the reduction in price as they pass on the increases, works both ways.
Any thoughts ?