30 October 2023 , 00:01
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The RAC is calling on retailers to cut the price of petrol by 5p a litre due to lower wholesale costs.
The automotive services firm says there is currently a “big lose-lose”, where drivers are missing out on cheaper fuel and the Treasury is losing out on tax revenue. At the moment, the average price of unleaded stands at 155.33p but the Big Four supermarkets’ margin was 14p in October, double the figure for the year to date.
Simon Williams, of the RAC, said: “Drivers should be furious that the 5p-a-litre duty cut, which has been in place since the end of March 2022, is not being passed on at forecourts.
“While retailers argue their costs have increased due to inflation, there is a definite link between pump prices and consumer price inflation.” This summer, the Competition and Markets Authority found Sainsbury’s, Asda, Tesco and Morrisons had all overcharged drivers by 6p a litre in 2022.