The “Big Four” are accused of keeping gas station prices at unrealistic levels despite the huge drop in wholesale costs
Supermarkets have finally started slashing their fuel prices after weeks of plummeting wholesale costs, but automakers say they’re not going far enough.
The RAC says current petrol prices should have fallen by around 16p a liter in recent weeks but are actually only down 5.5p since hitting record levels in early July.
The latest fuel price data from Experian Catalist shows supermarkets are charging an average of 185.15p per liter of petrol – down from 190.6p on 1 July.
However, the wholesale price they pay for fuel has fallen 19p since early June.
The situation is similar for diesel, where wholesale prices have fallen by 15p a liter but only 4p of this saving has been passed on to motorists.
RAC fuel spokesman Simon Williams said the current situation is “one of the worst examples” of rocket and spring prices, where fuel costs skyrocket once wholesale prices rise but fall much more slowly when wholesale prices fall.
He commented: “After seven straight weeks of falling wholesale prices, we are relieved that supermarkets are finally cutting their prices a bit. Unfortunately, the UK’s largest fuel distributors are not slashing their prices as much as they should.
“The wholesale cost of petrol delivered weekly has fallen by a huge 19p since early June, from 151p then to just 132p last week. But on average supermarkets have reduced the price of a liter of lead-free lead by just 5.5p since record highs in early July.”
Mr Williams added: “We continue to urge all major fuel distributors to cut their prices much further in the coming days to provide some relief for drivers during what will be the most expensive summer on record.”