Fuel Retailers Are Being Urged To ‘Play Fair’ And To Cut Prices

Fuel Retailers Are Being Urged To 'Play Fair' And To Cut Prices

Fuel retailers across the country are being urged to lower their prices, following a significant dip in the wholesale price of petrol…

Fuel Retailers Urged To Cut Prices

Drivers are currently paying a record 147.27p a litre for petrol. However, data compiled by the RAC suggests that fuel retailers could reduce this by 6p a litre; making it £3.50 cheaper to fill a tank on average. In addition, the price of diesel could also be reduced by at least 4p per litre from the current total price of 150.66p.

The wholesale prices of both petrol and diesel have dipped, Moreover, there’s been a drop in the wholesale price of their bio components (which make up around 10% of total composition). This alone should mean that prices are dropped by 2p per litre. The RAC is now calling on supermarkets, who provide around 45% of the nation’s fuel, to pass savings on to their customers.

 ‘Failed the Transparency Test’ 

Simon Williams, the RAC’s fuel spokesman, commented on the seeming reluctance of supermarkets to reduce their fuel prices. He said, “the longer they hold off doing the right thing, the more money they make on every litre they sell and the worse off drivers are”.

He continued, “unfortunately, the biggest retailers appear to have failed the transparency test as they are continuing to move prices up when they should now be doing the opposite just because there’s public acceptance that energy prices are rising. This isn’t acceptable but sadly consumers have no power to object. It’s also the case that no one is watching fuel prices as closely as the RAC which is why we’re highlighting the issue”. 

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