Petrol prices are still as high as ever despite the wholesale costs falling, meaning major retailers are failing to reduce them in line with the costs, the RAC has warned.
The roadside recovery company noted that the wholesale cost of unleaded petrol is back down to its May 2022 price of 131.75 pence per litre. At this time, the average pump prices were 167 pence, yet prices are still sitting at the 183 pence per litre on average right now.
The wholesale cost, which is the price the petrol is when it arrives at forecourts, has fallen, but drivers are still paying above the average, the RAC said. It comes after fuel prices have hit their highest-ever levels earlier on in the year, as the cost of living crisis in the UK continues to increase.
