Major retailers are failing to reduce petrol prices in line with falling wholesale costs, the RAC has warned. The roadside recovery firm said wholesale cost of unleaded – the price when it arrives at forecourts – is now back down to its early May price of 131.75p per litre, which saw average pump prices of around 167p per litre.
But drivers are currently paying an average of 183p per litre at pumps across the UK despite the drop in wholesale costs, the RAC said. It comes after fuel prices hit their highest-ever levels earlier this summer as the UK’s cost-of-living crisis began to bite.
The wholesale cost of petrol has fallen by 20p since early June, according to the RAC. Yet UK retailers continued to increase their prices in June and only dropped their pump prices by an average of 9p during July, the firm said.
