RAC says petrol retailers are dropping prices too slowly despite 9p fall

RAC says petrol retailers are dropping prices too slowly despite 9p fall

The RAC has said petrol retailers are cutting prices "too slowly" despite the average cost falling by 9p in July.

Price of fuel when it arrives at forecourts has decreased, with unleaded down to 131.75p per litre on average.

This is where prices stood in early May this year, where drivers were paying around 167p a litre to fill up.

READ MORE: Tesco reduces price of fuel with cost of petrol down by 6.5p per litre

But lower prices have not passed on at the pumps this time round as drivers are still forking an average 183p per litre.

The RAC has slammed the big four supermarkets by claiming they have failed to reduce prices in line with wholesale costs.

Asda was the first supermarket to slash the price of fuel and it's now 12p cheaper than the national average.

Sainsbury's also reduced fuel costs, then Tesco cut the price of petrol by 6.5p a litre and diesel by 4.5p.

RAC fuel spokesman Simon Williams said: "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.

"As it was, we saw independent retailers leading the charge with fairer pump prices appearing all around the country which eventually forced the supermarkets to finally implement a more substantial cut late last Friday afternoon."

Simon added: "What ought to have happened is that the biggest retailers cut their prices more significantly on a daily basis, given the wholesale price of petrol has fallen steadily over the last eight weeks."

Tesco and Asda were contacted for comment.

A Sainsbury's spokesperson said: "We are committed to offering motorists great value and over the weekend we lowered the price of petrol and diesel across our forecourts. We price locally and competitively."

Andrew Ball, Fuel Operations Manager at Morrisons, said: "It's the summer holidays and we know how tough the current cost of living is for our customers. So we hope this fuel price reduction will help motorists to save money at this challenging time."

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