Drivers are being denied a further 10p cut in petrol prices due to major retailers hiking profit margins, according to new analysis.
The RAC said the average price of a litre of the fuel in the UK fell by nearly 7p to 162.9p in September as oil prices plummeted. This was the sixth biggest monthly drop in average petrol prices since 2000 but the cut should have been deeper, the motoring services company claimed.
RAC fuel spokesman Simon Williams said: "Drivers really should have seen a far bigger drop as the wholesale price of delivered petrol was around 120p for the whole month. This means forecourts across the country should have been displaying prices around 152p given the long-term margin on unleaded is 7p a litre.
