Petrol stations increased the cost of fuel for weeks after a drop in oil prices.
Fuel retailers have finally lowered prices at the pumps after cheating motorists for weeks, according to the RAC.
Prices of both petrol and diesel have risen steadily in recent months thanks to increases in the price of oil and the pound’s weakness compared with the US dollar. In the last few weeks, however, oil prices have fallen slightly, but the RAC says petrol stations have been sluggish to pass savings on to consumers.
The motoring organisation’s data shows that the wholesale price of fuel – the amount retailers pay to buy the fuel – has fallen by between 2.5p and 3p per litre since May 22, but drivers continued to suffer ‘near-daily’ price hikes. As a result, the average price of a litre of petrol rose to 129.42p, while the average litre of diesel hit 132.34p.
However, after the RAC's damning report was published, retailers appear to have cut back prices.
RAC spokesperson Rod Dennis said: 'At last, retailers have done the right thing and started to cut prices at the pumps. From our data, we could see no justification for them holding on to savings that they have been benefiting from for three weeks. With petrol prices rising at their fastest rate in 18 years last month, millions of households and businesses will have been feeling the effect of having to spend more on what is an essential purchase for many. Today’s cuts should bring some welcome relief.
'It is absolutely right that at times when wholesale prices are falling, forecourt prices follow suit.'