Retailers were accused of a "classic example of rocket and feather pricing" as the cost of petrol reached a new record. The RAC claimed significant reductions in wholesale costs for petrol mean companies have a "clear opportunity" to stop continuously hiking pump prices.
Data firm Experian said the average price of a litre of petrol at UK forecourts reached a new high of 191.1p on Sunday. Diesel prices reached a record of 199.1p per litre on Saturday, before dropping slightly to 198.9p per litre a day later.
The Competition and Markets Authority launched a "short and focused review" of fuel prices earlier this month after a request by Business Secretary Kwasi Kwarteng. The concept of rocket and feather pricing for fuel involves retailers quickly hiking pump prices when the cost of oil rises, but being slow to pass on the benefits of decreases in oil prices.
