The RAC said forecourts should soon be selling unleaded for no more than £1.62
(Picture: PA Wire)Supermarkets are failing to reduce petrol pump prices for drivers in line with a drop in wholesale price, the RAC says.
The price of petrol on Tuesday was about £1.76 per litre, but RAC analysts suggested it should be about £1.62.
The RAC said at the start of the week, the average petrol price at Tesco, Asda, Sainsbury’s and Morrisons was £174.4 per litre. Diesel was £1.86.
But the average for the delivered wholesale petrol price last week was £1.24, while diesel was £1.38.
After factoring in VAT, fuel duty and a “generous” retailer margin of 10p per litre, the RAC said “forecourts should soon be selling unleaded for no more than £1.62”.
RAC said despite wholesale petrol prices falling by 20p over June and July, the average price paid for unleaded petrol by drivers across the UK only dropped by 9p.
“July has been an unnecessarily tough month for drivers due to the big four supermarkets’ unwillingness to cut their prices to a more a reasonable level,” said RAC spokesperson Simon Williams.
“The best advice for filling up is no longer to assume the supermarkets are the cheapest, but to shop around as it’s 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.”
It was revealed last month that the three largest western world oil companies Exxon Mobil, Chevron and Shell have in total surged to record financial results in the second quarter of the year.
Profits for the largest global oil companies have had a jarring impact on consumers faced with skyrocketing petrol prices and energy bills that could reach more than £3,880 at their highest in the UK next year. Russia’s invasion of Ukraine has also caused global logistics issues for oil and gas supply.
