Drivers continue to be plagued by expensive petrol and diesel prices, with pundits bombarding major retailers and supermarkets with rising prices as Britain is distracted by the general election.
Figures from the RAC show motorists are getting “an extremely bad deal” every time they fill up, with petrol currently costing an average of 146.238p per liter and 151.5p for diesel.
Experts from the automotive body believe that fuel prices are much higher than they should be compared to wholesale costs which have fallen since the end of April, with the general election possibly to blame.
Drivers across the country have also battled some of the highest costs compared to the rest of Europe, with Britain having the most expensive diesel prices on the entire continent.
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Wholesale fuel margins are double the long-term average
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Diesel costs 20 cents more than the European Union average, with prices also 8 cents higher than in Finland, the second most expensive country.
Average retailer margins are currently 14p on petrol and 16p on diesel, showing that big brands are making profits as long-term margins for both fuels are around 8p.
Simon Williams, the RAC’s head of policy, said margins were still too high, despite a Competition and Markets Authority (CMA) report showing drivers were overpaid by £900 million in 2022 alone.
He added: “Our data clearly shows that pump prices have not fallen in line with the fall in wholesale prices, meaning drivers across the UK – with the exception of those in Northern Ireland where fairer prices are being charged – are once again experiencing some lose pounds. every time they fill up.
“Having monitored prices for so long, we believe there is no good reason for UK retailers not to reduce their prices at the pump even further.
“We can only think they are hoping no one will notice because of the distraction of the general election.”
The ‘persistent overcharging’ means drivers of standard 55-litre family cars have to spend an extra £3 on petrol and £5.50 on diesel every time they fill up, with the average full tank now costing more than £80.
Most political parties have supported the introduction of a PumpWatch scheme, which will allow motorists to check and monitor fuel prices in their area to see where they can get the best deal.
It is hoped this will also encourage competition between major retailers and supermarkets to make fuel prices cheaper for motorists, as has happened in Northern Ireland.
The Consumer Council Fuel Price Checker has seen huge price cuts for drivers in Northern Ireland, with motorists paying up to 10 cents less per liter than those in England, Scotland and Wales.
The latest data shows that fuel prices continue to fall, with petrol at 141.1 pence per litre, while diesel drivers pay only a fraction more at 141.9 pence – a saving of around 5 pence and 10 pence respectively compared to the rest of the world. United Kingdom.
Williams continued, saying: “We hope the CMA is aware of what is going on and will use this to align retailers as soon as it is able to do so – something so desperately needed as drivers in North -Ireland pay so much less. for the same fuel.
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“It is important to realize that the big four supermarkets have a much smaller presence there than across the Irish Sea, as they only operate around six per cent of the 580 petrol stations in Northern Ireland.
“This compares to supermarkets operating a fifth of Britain’s 8,300 petrol stations.”