Pump prices are currently hovering around 11p per litre for diesel and petrol, but RAC fuel spokesman Simon Williams believes they should be around 109 per litre, with the most competitive filling stations selling unleaded and diesel for around 106p per litre.
- More car news on Motoring Research
Some motorway services are charging a shocking 127p per litre, he points out, despite the price of oil dropping to its lowest level since the start of May.
FairFuelUK has already this week accused British fuel retailers of “opportunistic and abhorrent” profiteering by not passing on savings, and now the RAC is adding weight to the call for prices to fall.
“We would hope that retailers are not taking advantage of public perceptions that fuel prices would rise following the Brexit vote last month,” said Williams.
Giving them the benefit of the doubt, he added: “Retailers have a reasonable recent record of passing cost savings on, and we would like to think this is a blip rather than a new norm.
“With millions of families currently away on holiday or soon to leave, combined with a boom in staycations this year, a cut now would be widely welcomed and would give motorists confidence that retailers are not keeping prices artificially high.”
RAC Fuel Watch data shows the oil price is the biggest factor determining UK fuel prices after fuel duty.
UK fuel prices have risen since winter 2015 when unleaded hit a low of 101.27p per litre, tantalisingly close to dipping below the £1 per litre mark.
Pump prices have risen since then but now the world oil price is dipping, it’s time for fuel retailers to play fair, pleads the RAC.