Currently reading: Fuel prices should be at 167p per litre, claims RAC
Supermarkets say they're offering best prices they can, despite wholesale costs reaching lowest point since May

Fuel costs should now be as low as 167p per litre, the RAC has claimed, when the cost of wholesale fuel is the lowest it has been since May.

Yet the UK’s four biggest supermarkets, whose prices dictate the wider market, have told Autocar that they're already offering the best prices they can.

Currently, the average price of fuel on British forecourts sits at 182.69p per litre for petrol and 192.38p per litre for diesel, despite the cost of wholesale price falling by 20p to 131.75p in the past eight weeks.

The last time wholesale costs were at this level three months ago, the UK average pump price was just 167p.

Prices on forecourts have been steadily dropping (9p for unleaded and 7p for diesel in July), but the RAC is now calling for prices to fall even further to reflect these growing wholesale savings.

“July has been an unnecessarily tough month for drivers, due to the big four supermarkets’ unwillingness to cut their prices to a more a reasonable level, reflecting the consistent and significant reductions in the wholesale cost of petrol and diesel,” RAC fuel spokesman Simon Williams said.

“What ought to have happened is that the biggest retailers cut their prices more significantly on a daily basis.”

However, the British Retail Consortium (BRC), which represents the big four major supermarkets – Asda, Morrisons, Sainsbury’s and Tesco – said that retailers can’t yet drop their fuel prices any lower.

Andrew Opie, the BRC’s director of food and sustainability, said: “Retailers understand the cost pressures facing motorists and will do everything they can to offer the best value for money across petrol and diesel forecourts, passing on cost reductions as they feed through the supply chain.”

Tesco has backed this, adding that it has already lowered prices as much as it can, with these prices helping families amid “tough rising fuel bills”. However, it was unable to answer why prices aren't where the RAC has said they should be.

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gavsmit 3 August 2022
Find alternatives to using so much fuel to hit them where it hurts so they have to relent from their blatant profiteering (see recent news articles on the profits of BP and Shell for example).
Stop buying new cars too because ridiculous car price inflation even before this year's global challenges is obscene, and how does BMW make 13.5bn in profit despite selling less cars?
Will86 3 August 2022

Makes getting an electric car all the more appealing. I know electricity has increased in cost but at least I'd be less at the mercy of OPEC and if I fitted solar panels, it would be even better. All of this energy uncertainty has just made me keener to be as self-reliant as possible. Trouble if the up front costs are huge.

gagaga 4 August 2022

Petrol peaked at about 30% more than before the rises.  Electricity has gone up 150% with another 50 or 60% on top.  Public charging (BP) from 16p to 43p in a little over a year, will inevitably hot 75-80p a unit by year end.

Careful what you wish for.

Peter Cavellini 3 August 2022

Why won't they lower them?, can't just be for profit, items I store disappear for a while, they come back,smaller, repackaged and the same price as before, Tesco and other dictate what they want to buy what they sell at their price, it's not right I know,and I'm lucky I don't use my Car much, what's the new PM going to do about it?, can't the Government make them lower it more?, or, how about the Government took over the sale of Petrol and set the prices accordingly?, I know, a mad idea!

289 3 August 2022

Trouble is Peter, the government is enjoying the increased vat take on the inflated prices, so it would be like asking Turkey's to vote for Christmas to push them to control the fuel companies.

As usual, they are not working in the best interests of their electorate....but then, when has ANY flavour of government done that?!

When will these London based, chauffeur driven ministers ever realise that petrol is NOT a luxury item. Make them put their hands in their own pockets to fuel their (state) Jags and RangeRovers. That way they will feel the pain of a £140 fill-up.