BP fail to drop fuel prices despite a fall in wholesale costs

British oil giant, BP revealed that it made £6.9bn between April and June, its highest profits in 14 years, which is three times the profit made in the same period last year.

The company has been heavily criticised by the motor trade for failing to cut prices at its forecourts to figures that would better reflect the recent drop in the cost of crude oil.

According to the AA, BP's forecourt prices of petrol fell by 6.8p per litre, and diesel fell by 4.2p per litre between 5th July and 1st August, this is far behind the national averages of  9.25p per litre for petrol and 6.85p per litre for diesel.

"The amount the company earns from refining crude oil into petrol and diesel has also leapt, with a tripling of refining margins that is expected to be form part of an investigation by the competition watchdog." Says The Telegraph.