RAC has accused supermarkets of “hanging on to massive margins for dear life”, despite fuel prices falling 6p per litre in November.
According to RAC Fuel Watch, in the month of November, unleaded petrol came down from 165.96ppl to 159.88ppl, while diesel dropped from 190.31ppl to 183.87ppl.
However, the company has claimed that drivers are missing out on larger savings as the wholesale price of petrol fell by 11ppl in November to 111.53ppl.
Diesel prices also fell 15ppl to 128pm.
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RAC also believes supermarkets are now enjoying margins of more than 20p a litre, claiming that petrol should be at an average of 146ppl and diesel 169ppl – 14p and 15p lower than the current averages.
“It’s bordering on a scandal that drivers are being overcharged so much because the big four supermarkets, which dominate UK fuel retailing, are flatly refusing to reduce their prices by bigger amounts. Their prices are dropping like a feather when they should be falling like a stone.
“In 10 years of closely monitoring fuel prices we have never seen major retailer margins this high for this long,” RAC fuel spokesman Simon Williams said.
“It used to be the case before the pandemic that we’d see wholesale prices drop by 4p a litre and then the supermarkets would be vying with one another to announce a price cut to drive customers into their stores.
“This sadly seems to be a thing of the past as nowadays they appear to be hanging on to massive margins for dear life. This is to the detriment of everyone because, of course, other retailers won’t be encouraged to reduce their prices meaning the UK average stays artificially high.”
