Motorists are said to have been ‘overcharged’ by £156 million in December 2021, equivalent to around £5 million a day says the RAC.
The Royal Automobile Club (RAC) has today (Thursday) accused petrol retailers of ripping off motorists by not passing on wholesale price cuts, estimating drivers were overcharged £5m a day in December.
They say the wholesale cost of petrol has come down by 12p a litre, however, the price at the pump has dropped by an average of just 2p, says the BBC.
That suggests retailers are making a 16p profit on every litre of fuel they sell, instead of the usual 6p.
Car Insurance Expert at Confused.com Alex Kindred says:
“The latest report shows that wholesale prices of fuel is coming down, so it would of course be welcomed to see the retail value decrease too.
“Our latest fuel price index shows the average price of petrol and diesel are on the up across the UK.
“We also found that more than two in five (41%) drivers feel that current fuel costs are unjustified.
Article continues below this advertisement “We always encourage drivers to be savvy when it comes to finding the best fuel prices and for other motoring expenses, but it can be hard to know what’s a realistic price.
“Competing supermarkets often offer petrol discounts whilst larger petrol stations can usually offer their fuel at slightly lower prices.
“This is to try and entice drivers, although it could be at the expense of smaller independent providers.
“The combination of fluctuating prices and the varying costs between regions and suppliers can make it confusing to know when and where we’re going to get the best deal.
“To help you find the cheapest fuel in your local area, you can use our petrol price finder to search for the best price.
“That way, you can avoid paying over the odds.”
Motorists haven’t been overcharged. Retailers are not under any obligation to cut the price of fuel, if the price of oil drops, no more than the supermarkets are expected to cut prices on bread, if the price of wheat drops.
isle of wighter is happy with corporate greed everything that is wrong with England across the board is backed by gov thinking capitalism!
Paul – so based on your logic, you shouldn’t be getting any pay rises, or benefit increases to ensure that the overall cost of the services you provide or the burden you are on the taxpayer is kept to a minimum.
how do you think the retailer gets to meet the new minimum wage rates in april .well…. by increasing prices to customers or making someone redundant – that could be you getting your job cut.
I work hard and make as much money as possible for me – I am a capitalist and proud of it. If you want to swill around in some hand wringing socialist do gooding cess pool of whingers, excuse makers and spongers, then you crack on – but I won’t be.