By Daniel Hunter

The Chancellor George Osborne and Chief Secretary to The Treasury Danny Alexander believe the public should see the benefits of falling oil prices in petrol prices.

Oil prices have fallen by around 25% since June, but UK petrol prices have fallen just 6%.

But the government said fuel companies must do their bit.

"Our message is clear - the oil price has fallen and we expect that to be passed on to people at the petrol station filling up their cars," said Mr Osborne.

"We expect the oil companies to do this and we will be watching very carefully to make sure they do."

Danny Alexander is set to call for petrol prices to mirror the fall in oil, in a speech in Aberdeen.

"I believe it's called the rocket and feather effect," he is expected to say.

"The public have a suspicion that when the price of oil rises, pump prices go up like a rocket. But when the price of oil falls, pump prices drift down like a feather."

In September, Tesco and Sainsbury's said they would cut prices by up to 5p per litre and Asda said it would cut petrol by 1p and diesel by 2p.

The recession is over. It's time to grow!

Join us from 19th – 20th November 2014 at the ExCeL Campus, London.

Register for your FREE Ticket today:

Join us on
Follow @freshbusiness