Fuel prices fell by 6p a litre throughout November, but the RAC claims supermarkets are still charging too much…
Fuel Prices Fall
Data compiled by the RAC has revealed that fuel prices fell by an average of 6p a litre during November. Unleaded fell from 165.96p to 159.88p, whilst diesel fell from 190.31p to 183.87p; meaning drivers are saving around £3 when filling up a tank. Overall, it currently costs, on average, £91.28 to fill up 55-litre family-sized petrol car and £101.13 for a similarly sized diesel vehicle.
Whilst the decline will no doubt bring some relief for drivers, already struggling due to a broader cost-of-living crisis, evidence suggests some retailers are still overcharging their customers; especially supermarkets.
Wholesale prices declined in November. For perspective, wholesale petrol prices dropped by 11p in November from 122.63p to 111.53p; following reductions in October. Diesel experienced an even bigger drop in November, falling by 15p from 143p to 128p. According to the RAC, these should have led to greater reductions at petrol stations than have been observed.
Supermarkets still Overcharging
Simon Williams, the RAC’s fuel spokesman, commented on the current trends. He said, “it’s bordering on a scandal that drivers are being overcharged so much because the big four supermarkets, which dominate UK fuel retailing, are flatly refusing to reduce their prices by bigger amounts. Their prices are dropping like a feather when they should be falling like a stone”.
He continued, “in 10 years of closely monitoring fuel prices we have never seen major retailer margins this high for this long. It used to be the case before the pandemic that we’d see wholesale prices drop by 4p a litre and then the supermarkets would be vying with one another to announce a price cut to drive customers into their stores. This sadly seems to be a thing of the past as nowadays they appear to be hanging on to massive margins for dear life. This is to the detriment of everyone because, of course, other retailers won’t be encouraged to reduce their prices meaning the UK average stays artificially high”.
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