The “big four” supermarkets and several other different retailers are failing to scale back petrol costs consistent with falling wholesale prices, the RAC has warned.
The roadside restoration agency stated the wholesale price of petrol has fallen by 20p since early June.
However, UK retailers continued to extend their costs in June and solely dropped their pump costs by a mean of 9p throughout July, the corporate added.
The RAC stated the wholesale price of unleaded – the worth when the petrol arrives at forecourts – is now again right down to its early May worth of 131.75p per litre, which led to common pump costs of round 167p per litre.
However, drivers are at the moment paying a mean of 183p per litre at pumps throughout the UK regardless of the drop in wholesale prices, the RAC stated.
This means they might be paying nearly £9 a tank greater than they need to be.
The RAC additionally stated drivers ought to now be paying about 182p per litre for diesel – almost £6 a tank decrease than the top of July common of 192p per litre.
Tesco, Asda, Morrisons and Sainsbury’s, often called the “big four” supermarkets, have been dealing with criticism together with a number of different suppliers for failing to scale back their costs consistent with falling wholesale prices.
The RAC stated that whereas a number of retailers decreased their costs final week, the cuts will not be sufficient to be consistent with the wholesale price.
The warning comes after gas costs hit their highest-ever ranges earlier this summer season because the UK’s price of dwelling disaster started to worsen.
RAC gas spokesman Simon Williams stated: “July has been an unnecessarily tough month for drivers due to the big four supermarkets’ unwillingness to cut their prices to a more a reasonable level, reflecting the consistent and significant reductions in the wholesale cost of petrol and diesel.
“As it was, we noticed unbiased retailers main the cost with fairer pump costs showing throughout the nation which ultimately compelled the supermarkets to lastly implement a extra substantial minimize late final Friday afternoon.
“What ought to have happened is that the biggest retailers cut their prices more significantly on a daily basis, given the wholesale price of petrol has fallen steadily over the last eight weeks.”
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Mr Williams suggested drivers that they need to now not assume supermarkets are the most cost effective locations to get gas.
He stated motorists ought to “shop around as it’s highly likely you’ll find an independent retailer which is doing the right thing and fairly reflecting their lower wholesale costs by charging a lower price”.
He added: “This is really encouraging because the independents buy new stock less frequently than the supermarkets as they don’t sell as much, and consequently aren’t as well positioned as their rivals to be able to snap up fuel at lower prices when there are sudden market drops.”
A spokesperson for Sainsbury’s stated: “We are committed to offering motorists great value and over the weekend we lowered the price of petrol and diesel across our forecourts. We price locally and competitively.”
Sky News has contacted Tesco, Asda and Morrisons for remark.
Source: information.sky.com”