Fuel prices are ‘far higher than they should be’ – London Business News | Londonlovesbusiness.com

The RAC has accused fuel retailers of exploiting the general election as their margins are “persistently high.”

The motoring group said since the end of April wholesale costs fell for petrol and diesel, but prices across the UK are “far higher than they should be.”

For the past seven weeks the UK has had the most expensive diesel prices in Europe as the average cost per litre is 151.5p.

RAC head of policy Simon Williams said: “Margins are once again staying persistently high, and drivers are paying the price.

“Our data clearly shows that pump prices haven’t fallen in line with the reduction in wholesale prices, so drivers across the UK – with the exception of those in Northern Ireland where fairer prices are charged – are once again losing several pounds every time they fill up.

“We believe there’s no good reason for retailers in Great Britain not cutting their prices at the pumps far further.

“We can only think they’re hoping no one will notice due to the distraction of the General Election.

“We hope that the Competition and Markets Authority (CMA) is aware of what is going on and will use this to bring retailers into line as soon as it’s able to.”