British drivers are being hit at the pump, according to the motoring group RAC, which claims petrol and diesel prices are significantly higher than they should be.
The RAC blames retailers for exploiting the recent General Election as a distraction to maintain “persistently high” profit margins.
They’re calling on the UK’s competition watchdog to intervene and bring petrol prices “into line” with current market conditions.
The RAC’s argument hinges on the fact that wholesale fuel costs have fallen since late April, yet pump prices haven’t followed suit. They point to Northern Ireland, where a litre of petrol costs 5p less than the UK average, as evidence that retailers have room to reduce prices.
The RAC’s head of policy, Simon Williams, stated that retailers’ margins are unacceptably high, and drivers are being unfairly burdened. He provided data suggesting that pump prices haven’t reflected the drop in wholesale costs, leading to motorists across the UK paying a premium except in Northern Ireland.
The RAC believes there’s no justification for retailers not significantly lowering prices.
However, representatives of fuel retailers have a different perspective. They argue that their businesses face rising costs and need to invest in new technology for electric vehicles.
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