Despite the wholesale price of diesel being less than petrol throughout June, reveals the RAC Fuel Watch report, pump prices of diesel have barely budged.
Most fuel retailers maintain a price premium for diesel, sometimes of up to 5p a litre.
The RAC says this could be because fuel retailers are trying to ‘balance the books’ on wafer-thin profits by keeping petrol prices competitive and making bigger margins on diesel.
It’s time things were rebalanced, says RAC fuel spokesman Simon Williams. “While retailers are obviously free to choose how much they charge for petrol and diesel, we believe that motorists deserve to be treated fairly and that means forecourt prices that reflect the wholesale market.”
5p a litre price cut for diesel?
The RAC Fuel Watch tool predicts that diesel should fall by around 5p a litre within the next two weeks, due to falls in the price on the wholsale market.
However, the motoring organisation is doubtful this full saving will be passed onto motorists: the same thing happened in June, but pump prices barely budged.
Williams suggests that under-pressure fuel retailers are more interested in keeping prices competitive for Britain’s 20 million petrol car owners than the 10 million diesel car drivers.
“We need greater transparency and a fairer pricing model for both petrol and diesel,” he said.
There is some good news for diesel drivers though: pump prices are 15p cheaper than 12 months ago. But petrol prices are also 14p a litre less – although both have risen since February 2015’s recent lows…