Petrol stations keeping price of fuel artificially high, says RAC

PETROL stations have “no good reason” to keep pump prices high, the RAC has said.

Forecourt prices should be reduced by 2p per litre to reflect a drop in wholesale costs, according to the motoring organisation.

Drivers have suffered a rise in fuel prices almost every day since the end of April, despite wholesale costs coming down by around 2.5p per litre since May 24. Average UK forecourt prices currently stand at £1.29 per litre for unleaded and £1.33 for diesel. This is the most expensive both fuels have been since September 2014.

The RAC says recent falls in wholesale costs had been caused by the US drilling for more oil than in recent years, increased output from Russia and ongoing speculation that Opec, the oil producing group, would end its restriction on production.

Rod Dennis, RAC spokesman, said: “Our data show it’s high time retailers cut the price of petrol and diesel. We see no good reason for them to wait before passing on savings they are benefiting from.

“Motorists really felt the impact of rising prices in May, when the cost of filling up a petrol family car jumped by around £3.30 in a single month.

“We are now well into June, and drivers are still waiting for some relief to rising prices.”