However, RAC data has shown that the reduction in the average price of both petrol and diesel prices are not going far isn’t happening quickly enough – and more should be done by retailers to help drivers and their families.
The ‘big four’ supermarkets (Asda, Morrisons, Sainsbury’s and Tesco) – along with a number of other suppliers – have been accused in recent weeks of keeping the cost of fuel artificially high as drivers continue to face record prices.
RAC fuel spokesman Simon Williams said: “Following seven consecutive weeks of wholesale prices falling, we’re relieved to see the supermarkets finally reducing their prices a little. Sadly though, the UK’s biggest fuel retailers aren’t cutting their prices at the scale they should be given the wholesale prices of both fuels – what retailers pay themselves – have dropped so much. This is one of the worst examples we’ve seen of pump prices falling like a feather despite the wholesale market plunging.
“The price of a litre of unleaded at a supermarket is now 185.15p on average with diesel at 194.16p, almost mirroring the UK average prices of 185.98p and diesel 195p respectively, when they are normally around 4p cheaper.
“The weekly delivered wholesale cost of petrol has dropped by a huge 19p since early June, from 151p then to just 132p last week. Yet on average, supermarkets have reduced the price of a litre of unleaded by just 5.5p since the record highs of early July. Our data shows average prices today should have come down from those highs by 16p to around the 174p mark.
“When it comes to diesel, the weekly delivered wholesale price has fallen by 15p a litre from 161p in mid-June to 146p last week. Yet average prices have reduced by only 4p since the all-time highs of early July, from 199p to 195p. By our calculations, another 6p cut is due that would bring the average price of a litre down to 189p.”
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With wholesale prices continuing to drop, the RAC is calling on all fuel retailers across the UK to help by passing some of the savings they are benefitting from onto drivers.
Williams commented: “We continue to call on all major fuel retailers to go much further in reducing their prices in the coming days to ease some of the burden on drivers during what is the costliest summer ever on the roads.”
RAC Fuel Watch keeps track of the latest prices for petrol and diesel in the UK.
With the cost-of-living crisis continuing to impact families across the country, should the retailers be doing more to help? Should the Government step in to help? Leave your comments below.
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