Drivers continue to get a raw deal at the pumps despite a 12p price drop in August – the highest monthly slump on record.
According to an analysis published today by the RAC, the average price of a litre of unleaded is now below 170p when it should be around 161p.
Retailers would still have a 10p-a-litre margin if prices were to go down to 161p.
“Twelve pence a litre is a lot to come off prices in a single month so there’s no doubt things could be worse, but in reality drivers of petrol vehicles are still invariably getting a raw deal at the pumps,” said the automotive services company.
“For whatever reason, major retailers are choosing not to pass on in full the reductions in the wholesale price of unleaded they’ve been benefiting from for some considerable time.
“There is a very strong case for the biggest sellers of fuel to cut their forecourt petrol prices further.”
Over the last few months, retailers have been waging a petrol price war to lure in motorists, with independent retailers offering more competitive tariffs compared to supermarkets.
Figures showed that some of the biggest supermarket chains were charging just 1.62p below the average price of petrol, in contrast with the typical 3p.
“Drivers must shop around for the best deal they can, and we applaud those independent retailers who are doing their best to charge a fairer price for fuel and support their local communities through this incredibly expensive time,” Dennis added.
City A.M. has approached the Petrol Retailers Association for comment.