The RAC and pressure group FairFuelUK have accused fuel retailers of cashing in on post-Brexit uncertainty, urging them to pass on the savings immediately.
Motoring groups want to see prices cut by 3p per litre amid falling oil prices, with the RAC saying that millions of motorists are paying too much for their fuel.
FairFuelUK campaigners have accused British fuel retailers of ‘opportunistic and abhorrent’ profiteering by not passing on the savings – adding that in some cases, fuel prices have actually risen. Oil prices hit a 3 month low of $43 a barrel meaning unleaded should drop from 112p per litre to 109p.
FairFuelUK founder Howard Cox blames independent fuel retailers for the situation, with supermarkets starting to bring down pump prices, he said: “The Petrol Retailers Association should tell Britain’s 37 million drivers why their members appear to be increasing their profits since Brexit. Are they deliberately exploiting market and political uncertainty for personal greed?" The RAC has also said that many motorway service stations are charging up to 127p per litre.
Simon Williams of the RAC said: “There is now a compelling case for an immediate cut of 3p per litre off the price of both petrol and diesel at forecourts.”
He continued: “We would hope that retailers are not taking advantage of public perceptions that fuel prices would rise following the Brexit vote last month, as the wholesale market is clearly showing a downward trend in prices right now.
“Retailers have a reasonable recent record of passing cost savings on, and we would like to think this is a blip rather than a new norm."
Retail fuel margins have risen nearly 2p a litre since the EU Referendum on 23 June, according to FairFuelUK research. Retail profits are up even more: from 6.23p per litre to 10.66p on every litre sold. FairFuelUK campaigner Quentin Willson acknowledged that retailers need to make a decent profit, but said described the failure to pass on these wholesale falls as 'opportunistic and abhorrent.'
Morrisons supermarket has since cut diesel by 1p per litre and the RAC has predicted that a new spate of supermarket pump wars could push petrol down to 106p a litre once retailers start to drop prices.
Mr Williams said: “With millions of families currently away on holiday or soon to leave, combined with a boom in staycations this year, a cut now would be widely welcomed and would give motorists confidence that retailers are not keeping prices artificially high.”
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