Drivers have been warned not to rely on their supermarket for petrol as they could see themselves overpaying when they fill up their tank.
The RAC has said that major retailers are failing to reduce petrol prices for motorists, despite wholesale costs falling. The roadside recovery firm said that drivers are paying 183p per litre on average - but the wholesale cost is back down to 131.75p per litre.
After seeing fuel costs hit their highest ever levels earlier in the summer, the wholesale price of petrol has since fallen by 20p since early June, according to the RAC. The wholesale cost is now back down to levels last seen in early May, when the average price of a litre at the pump for drivers was around 167p, WalesOnline reports.
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After increasing prices for motorists throughout June, retailers have only reduced costs by an average of 9p since - this means that drivers could be paying nearly £9 more per tank than they ought to be. The RAC also said that drivers should be paying 182p per litre for diesel, rather than the 192p per litre on average seen at the end of July.
RAC fuel spokesman Simon Williams said: “July has been an unnecessarily tough month for drivers due to the big four supermarkets’ unwillingness to cut their prices to a more reasonable level, reflecting the consistent and significant reductions in the wholesale cost of petrol and diesel. As it was, we saw independent retailers leading the charge, with fairer pump prices appearing all around the country, which eventually forced the supermarkets to finally implement a more substantial cut late last Friday afternoon.
“What ought to have happened is that the biggest retailers cut their prices more significantly on a daily basis, given the wholesale price of petrol has fallen steadily over the last eight weeks,” Mr Williams added. The “big four” supermarkets of Asda, Morrisons, Sainsbury’s and Tesco have faced criticism in recent weeks along with other suppliers for failing to reduce their pump prices.
With the cost of living continuing to rise, the RAC has advised drivers to shop around when it comes to getting their tank filled, as the major supermarkets may no longer be the cheapest places to get fuel. Mr Williams told motorists that it is now “highly likely you’ll find an independent retailer which is doing the right thing and fairly reflecting their lower wholesale costs by charging a lower price”.
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