Anyone planning to fill up their car with petrol or diesel in the next few days has been issued a warning by the RAC that prices are set to rise once again.
Retailers have been criticised for failing to fully reflect the fall in wholesale prices. Wholesale diesel costs have plunged 32p per litre - but the pump price has only fallen by 20p in the same period.
Petrol costs have plunged by 23p in the same period while prices at the forecourt have only been reduced by 18p. The automotive company said, as a result, motorists are often paying over the odds.
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The RAC said that retailers - including some of the UK's biggest supermarkets, like Tesco, Sainsbury's, Asda, and Morrisons - make more money out of drivers from every litre of fuel they sell by ‘keeping pump prices artificially high’, reports Birmingham Live.
RAC fuel spokesman Simon Williams said: "This is a galling situation for drivers who are struggling more than ever given the impacts of the wider cost-of-living crisis. The question now is whether retailers start to bump up their prices.
"This will depend on whether they decide to continue enjoying larger margins or let them return to more normal levels. Looking at current wholesale costs there is absolutely no justification for pump prices to rise.
"We urge the Government to focus on ensuring retailers quickly pass on savings to drivers every time there is significant downward movement in the wholesale price of fuel - not just to ensure drivers aren't treated unfairly, but also because there is a clear correlation between high fuel prices and higher levels of inflation."
The analysis backs up a report by competition watchdog the Competition and Markets Authority published last month, which said drivers were the victim of "rocket and feather" pricing in 2022.
