PETROL prices are STILL climbing despite wholesale costs falling as filling up a tank tips well over £100.
A litre of unleaded fuel broke records again when it averaged 191.05p on Sunday, taking the bill for a full tank to £105.
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From Saturday to Sunday the price saw a remarkable increase of .11p overnight alone.
The weekend began with an average of 190.94 for unleaded petrol but climbed to 191.05p by Sunday.
Despite diesel costs falling from 199.09 on Saturday to 198.94 on Sunday, the high-point saw families forced to fork out £109.42 to fill up a 55-litre car.
RAC fuel spokesman Simon Williams said it’s been difficult to understand how retailers can justify maintaining price hikes as the wholesale cost of petrol is reduced.
“It seems as if retailers are making matters worse for themselves by not lowering their forecourt prices despite having a clear opportunity to do so.
“Even the price of wholesale diesel, which had been on a rising trajectory due to the move away from Russian imports, has cooled.
“This could yet prevent its average price from hitting the £2 a litre landmark. But, as always, that will depend on how fairly retailers reflect the reduction in its wholesale price on their totems.”
As retailers appear to be failing to pass on the reduction in fuel’s wholesale price to their customers, Williams says the Competition and Markets Authority (CMA) “will no doubt be looking” at the issue closely.
A popular idea to “name and shame” outlets failing to pass on their savings to customers is a scheme that copies one run in Northern Ireland.
Drivers could look at a map online which shows the average price for petrol and diesel in every town.
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In Britain, this would be run by the CMA.
Williams said: “The only explanation of retailers’ resistance to reducing prices is that they’re protecting profits in case of wholesale costs suddenly going back up.
“Ultimately, the longer they hold out, the more they benefit and the longer the misery continues for drivers struggling with the high prices.”
Boris Johnson’s official spokesman criticised the big “variations” in prices at garages earlier this month and dropped a heavy hint that a scheme is imminent.
He said: “We do want to see it passed on at all sites and petrol stations and we are not confident that is happening.”
Asked about a pumpwatch, the spokesman added: “We are looking at all possible options and transparency may have a role to play in that.”
How you can cut fuel costs NOW
There are a number of tricks you can do to save on filling up as petrol costs continue to climb.
Make sure your tyres are inflated – low air pressure in your tires means that your tires will drag, slowing the car and using more fuel.
If your car is a bit of a dumping ground for bits and bobs, you might want to declutter.
The less weight your car is carrying the less acceleration it will need to get going – and that means less fuel is used.
Take that foot of the gas pedal – the harder you press down on the accelerator, the more fuel you have to pay for, so it pays to slow down.
Sites like PetrolPrices.com are great to search petrol stations near you to see who has the best rates and cheapest options – you can do 20 free searches.
