The RAC is asking retailers to give motorists some much-needed relief by passing on recent falls in the wholesale price of fuel.
Data from RAC Fuel Watch shows that motorists have endured almost daily fuel prices rises since the end of April, with a litre of unleaded now costing an average of 129.42p, and diesel 132.34p.
Yet wholesale prices have dropped by between 2.5p and 3p since 22 May, thanks to a fall in the price of oil on global markets.
RAC spokesperson Rod Dennis said: “Our data shows that it’s high time retailers cut the price of petrol and diesel at the pumps – we see no good reason for them to wait before passing on savings they are benefiting from which have been brought about by falling wholesale prices.”
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There are a number of reasons for the recent oil price slide.
The United States has been drilling for oil at its highest level in over three years; Russia has increased its own output; and there’s talk that OPEC could end its policy of restricting oil production later this month.
But despite the downward trend in global oil prices, the RAC has found evidence of daily “fuel price creep” on UK forecourts, with supermarkets and big fuel retailers raising their prices by a fraction of a penny each day.
As a result, motorists currently face the highest fuel prices for more than three and a half years.
And in the month of May alone, the cost of filling up a petrol family car jumped by a hefty £3.30.
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The RAC’s Mr Dennis wants retailers to do their bit to help motorists now that wholesale prices are coming down.
“Given how rapidly prices can go up when the wholesale price rises, it is not right that when wholesale prices fall many retailers seem to wait before making a headline-grabbing cut,” he said.
“Many of the biggest fuel retailers in the UK buy fuel on a daily basis. This means that they have been buying in fuel for less than they were just a few weeks’ ago. These price savings should be being passed on to motorists now – making incremental cuts would be fairer.”
