Drivers are continuing to get a “raw deal” at petrol pumps, overpaying by around 9p a litre, despite a record price drop last month, motoring services company the RAC has said.
According to new analysis, the RAC said average forecourt prices sank to 169.8p per litre at the end of August but should be around 161p, due to current wholesale costs.
The difference means that there is a “very strong case for the biggest sellers of fuel to cut their forecourt petrol prices further”, according to the motoring association – although it does acknowledge that some supermarkets have dropped their prices significantly.
August saw average petrol prices drop by 12.3p per litre, the largest monthly drop in records dating back 22 years.
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However, there is an expectation that prices could fall even further.
“Twelve pence a litre is a lot to come off prices in a single month so there’s no doubt things could be worse, but in reality drivers of petrol vehicles are still invariably getting a raw deal at the pumps,” RAC spokesman Rob Dennis said.
“For whatever reason, major retailers are choosing not to pass on in full the reductions in the wholesale price of unleaded they’ve been benefiting from for some considerable time.”
He added: “Allowing for a generous 10p-a-litre margin, we should be seeing petrol sold for around 161p a litre.
“Some big supermarket sites aren’t too far off charging this – but there’s a real postcode lottery out there, with prices varying wildly depending on where a driver is in the country.
“Drivers must shop around for the best deal they can, and we applaud those independent retailers who are doing their best to charge a fairer price for fuel and support their local communities through this incredibly expensive time.”
A review by the Competition and Markets Authority found that growing oil refining margins were one of the main causes of soaring fuel prices earlier this year.
According to the competition regulator, the increase from the crude oil price when it enters refineries to the wholesale price had more than tripled in 12 months to nearly 35p per litre.
