Calls on biggest retailers to cut gasoline prices as wholesale prices fall

Deeside.com> News

Posted: Mon 22 Nov 2021

Update: Mon 22 Nov

After a dramatic drop in the wholesale price of gasoline in recent days, the RAC is calling on fuel retailers to play fair with drivers and reduce prices at the pump.

RAC Fuel Watch data shows the average price of unleaded is 6pence per liter overpriced.

Despite recent drops in wholesale prices, the price of gasoline on forecourt has continued to rise – up 3 pence per liter since the start of the month – and now stands at 147.27 pence.

However, the RAC estimates that the average price should be closer to 141 pence per liter, which means drivers have to unfairly shell out an additional £ 3.50 per tank.

Morrisons Saltney has the cheapest unleaded petrol locally last week at £ 142.9, according to data released by PetrolPrices.com

Applegreen, Wrexham Road, Pontyblyddyn was the second cheapest at £ 143.8, at Asda Queensferry the price of a liter of unleaded petrol was £ 145.7 on Wednesday.

The most expensive gasoline that could be found locally in Essoe Mold was (reported 20/11) a liter of unleaded gasoline at £ 149.9.

RAC Fuel spokesperson Simon Williams said: “Over the past few days, the wholesale price of gasoline has fallen sharply, which means that the biggest retailers are in an excellent position to cut prices and ease the burden on UK drivers paying £ 80 for a full 55 liter tank.

“As the Big Four supermarkets are responsible for selling 45% of all fuel in the country, they are constantly buying new supplies so that they can immediately pass the savings on to customers, unlike the smaller retailers who tend not to buy fuel. fuel only once a fortnight. .

“The longer they delay doing the right thing, the more money they make on every liter they sell and the worse off drivers are.”

“Unfortunately, during Covid, we saw retailers increase their margins by 2p per liter, from the standard 5p to 7p. However, the recent downward movement by wholesalers means that they now consume on average more than 10 pence per liter. “

“It seems very hard on drivers considering the number of people in financial difficulty due to the inflated cost of refueling. “

RAC research found that about half of drivers (46%) will be forced to cut other household spending due to the continued rise in gasoline and diesel prices beyond their current record levels.

Simon Williams said: “Unfortunately, the biggest retailers appear to have failed the transparency test because they keep pushing prices up when they should now be doing the opposite just because the public accepts that energy prices go up. . “

“It is not acceptable, but unfortunately consumers do not have the power to oppose it. It is also true that no one watches fuel prices as closely as the RAC, which is why we are highlighting the issue today.

The price of diesel is also expected to be reduced. Now sitting at an average of 150.66 pence, the downward trend in the wholesale price means that at least 4 pence per liter should be reduced from the forecourt price, bringing it to 146 pence per liter.

Simon Williams added, “While we have seen reductions in the cost of wholesale pure gasoline and diesel, there has also been a significant reduction in the wholesale cost of their biologics, which is important because both now contain up to 10%.

“That alone should lead to a reduction of 2p per liter in the price drivers pay at the pump.”

Did you spot something? Do you have a story? Send a Facebook message | A direct message on Twitter | Email: [email protected]

About Timothy Cheatham

Check Also

ACS J&K Unveils Online Module for Drug Retail, Wholesale and Manufacturing Licensing

ACS J&K Unveils Online Module for Drug Retail, Wholesale and Manufacturing Licensing November 30, 2021, …