Drivers have missed out on the full benefit of a major fall in wholesale fuel prices with retailers pocketing much of the benefit, motoring organisation the RAC has said. The organisation now fears retailers are poised to hike prices again.
The RAC says that wholesale petrol costs have plunged by 23p, but prices at the pump have only been reduced by 18p. The situation is more extreme for diesel vehicle drivers: Wholesale diesel costs have plunged 32p per litre - but the pump price has only fallen by 20p in the same period.
The RAC’s data shows that price reductions at forecourts ground to a halt this week due to wholesale prices starting to slowly rise again, bringing retailer margins back to more normal, fairer levels. But the RAC's fear now is that retailers waste no time in putting pump prices back up despite there being no justification for doing so.
