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City A.M

City A.M

CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…

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Fuel Traders Targeted As Gasoline Prices Soar

Despite falling wholesale costs of petrol and diesel, prices are still going up at the pump as motoring groups call on fuel traders to offer consumers relief.

The average price of petrol went up half a penny on Wednesday to 189.84p, as the RAC voiced its disappointment amid rising inflation.

It said the price of diesel went up to 198p a litre making a full tank nearly £109, as it approaches the “frightening” £2-a-litre mark.

The AA’s  Luke  Bosdet added, against a background of falling petrol wholesale prices, you have to ask why the fuel trade insists on ratcheting up the misery for its customers, not offering some hope in this cost of living crisis and not helping to rein back the staggering level of inflation.”

This comes amid an investigation by the Competition and Markets Authority, after the government introduced a tax cut on fuel, which has seemingly not been passed on to the consumer.

Petrol prices have risen again – putting more pressure on drivers at the pumps (Source: RAC Fuel Watch)

RAC fuel spokesman Simon Williams said: “It seems as though we are just days away from the frightening prospect of the price of diesel averaging £2 a litre across the UK taking the cost of a full tank to a staggering £110.

“We’re surprised and disappointed to see the price of unleaded continuing to rise as the cost on the wholesale market tells a very different story. 

“Over the course of last week delivered wholesale petrol averaged 148p a litre which should lead to a price of around 186p after factoring in 7p-a-litre retailer margin and VAT at 20 per cent.”

“We suspect if retailers fail to reduce their prices in the next few days they will find themselves playing into the hands of the Competition and Markets Authority which is currently looking into their behaviour.”

By City AM

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