UKPIA

AcronymDefinition
UKPIAUnited Kingdom Petroleum Industry Association
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The members of UKPIA run the major oil refineries in the UK and they also market a wide range of petroleum products.
Changes in demand are likely to be relatively modest over the next few years, but over the long term, growth rates are expected to pick up slightly, with the highest rates expected to be in Southern Europe as this region has the greatest number of growing economies, UKPIA said in a recent report.
The UK Petroleum Industry Association (UKPIA) refers to this as the retail/ex-refinery spread: the difference between the ex-refinery petrol price on the open market and the pre-tax pump price.
Chris Hunt, director general of UKPIA, said this "was not a stab at the Government", but aimed at those drivers needlessly filling their tanks when strike action had not been announced.
This tough macro-economic climate has been compounded by decades of under-investment, according to a report for UKPIA by oil analysts Wood MacKenzie.
The UKPIA, whose members own and operate the UK's nine crude processing oil refineries, also said Grangemouth had plentiful fuel stocks to cater for consumers should the industrial action go ahead.
Chris Hunt, director general of UKPIA commented: "The scale of the incident at Buncefield terminal was unprecedented in the UK.
UKPIA Director General Chris Hunt said: "We have had a week's worth of demand in one day.
The UK Petroleum Industries Association (UKPIA), which represents all the major refiners, said that the recession was compounding several wider issues, making times tough across the industry.
The UK Petrol Industry Association (UKPIA) estimates that demand for fuel has risen by a third for the time of year.
Nick Vandervell, of the UK Petroleum Industry Association (UKPIA), said the cause of the crisis could lie with how the unleaded petrol had been blended or stored, or with some unknown contaminant.