SUPERMARKETS have been urged to cut the price of petrol at their forecourts to stop drivers from “losing out massively”.
The RAC says the UK's biggest fuel retailers should reduce their prices by at least 5p per litre to reflect their lower wholesale costs.
Prices spiked after Russia launched its invasion of Ukraine last year, leading the government cutting fuel duty by 5p per litre.
But the motoring body says drivers are not benefitting from the cut, which “only appears to be helping retailers who have chosen to up their margins”.
Its analysis found the margins of the ‘big four’ supermarkets (Tesco, Sainsbury's, Asda and Morrisons) on petrol are around 14p per litre – double the long-term average of 7p.
The latest figures show average petrol prices in the UK are 155.3p per litre.
The RAC also says diesel is overpriced by around 4p per litre.
This follows the Competition and Markets Authority (CMA) finding the ‘big four’ overcharged drivers by 6p per litre in 2022, costing them around £900m.
The CMA recommended retailers provide live pump price information and a price monitoring body be created.
The government has pledged to legislate for both measures.
RAC fuel spokesman Simon Williams said: “Drivers are still losing out massively when wholesale prices come down.
“But in Northern Ireland, where the supermarkets don’t dominate fuel retailing, drivers are getting a fairer deal with a litre of unleaded costing 150p and diesel 157p – 5p less than the UK average.
“Drivers and, indeed, the Treasury, should be furious that the 5p per litre duty cut, which has been in place since the end of March 2022, is not being passed on at forecourts.
“A failure to cut pump prices to fairer levels when there is a clear opportunity to do so has the effect of keeping inflation artificially high – which is clearly in nobody’s interest.”
Cheapest places to fill up in the Chard and Ilminster area
The following figures are for unleaded petrol and were listed on petrolprices.com on Tuesday, October 31.
- Tesco Ilminster (149.9p)
- Texaco Ilminster (149.9p)
- Texaco Chard (155.7p)
- Tesco Chard (156.9p)
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