Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, November 10, 2010
(UNDATED) - Indiana retailers are saying “don’t blame us” for the recent dramatic rise in gas prices at the pump.
Scott Imus, Executive Director of the Indiana Petroleum Marketing and Convenience Store Association, says the hike is the direct result of an increase in the price of crude.
Imus says over the last month or so, crude oil has gone from around $75 a barrel to almost $90 and as a result, wholesale prices go up.
Imus says retailers are the last to pass on these expenses, adding it's a very competitive environment and no station owner wants to be the first to pass on these increases.
Last year, the average profit was about 6 cents a gallon in Indiana and that really doesn't pay credit card processing fees.
He says the national average is 17 cents a gallon.
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