Fuel retailers need to cut pump prices this week, urging RAC, as drivers are now paying 12p more per liter of petrol as oil falls on fears of Omicron


Fuel retailers need to cut pump prices this week, urging RAC, as drivers are now paying 12p more per liter of petrol as oil falls on fears of Omicron

  • Oil fell $ 10 to $ 73.18 a barrel on Friday following news of the Omicron transformation
  • The wholesale price of petrol and diesel was already 5.6p less than a week ago
  • RAC says retailers charge more than 12 paise per liter for petrol and 10 paise for diesel.
  • It called for the government to intervene to force major retailers to cut pump prices


Shaking $ 10 off the price of oil in recent days, motoring groups have urged fuel retailers to cut petrol and diesel prices this week.

RAC Fuel Watch data shows oil prices fell from $ 10 to $ 73.18 a barrel on Friday as concerns over demand increased following news of the outbreak of the Omicron Kovid transformation.

Oil prices have been falling on petrol and diesel wholesale prices, which have already been down for a week, and according to its figures, when diesel is 10p too high, Unleaded is currently 12p-a-liter more expensive than it is today.

Drivers are forced to pay more than 12 paise-a-liter for petrol: The RAC, which has seen wholesale costs and oil declines in the past week, has called on retailers to lower fuel prices this week.

Retailers will have to cut their pump prices significantly this week or ‘risk losing all credibility with drivers,’ the motoring firm said.

According to the latest fuel prices, Unleaded currently averages 147.64pa-liter and diesel is 150.85p.

However, if large retailers are reflecting a downward movement in the wholesale market, they should really be 135p and 141p respectively.

The latest call comes as motorists enter the fifth week, or to cut pump prices when they report higher fuel costs.

Both petrol and diesel reached their previous record highs before the end of October and have not fallen below that level since then.

This means that the cost of filling the 55-liter fuel tank of an average petrol family car is currently around £ 19 more than it did a year ago.

While the price of petrol and diesel is down 12p and 10p per liter respectively, both fall below the previous record set in April 2012 (142.48p for petrol and 147.93p for diesel).

Just a few days ago, fuel price analysts noted that the wholesale price of fuel had dropped to 5.6pa-liters a week ago, though these cost savings had not been transferred to the nation’s drivers.

AA last week said motorists should see a ‘substantial drop’ in pump prices in the recent past, after the collapse of wholesale petrol and diesel, which could save up to £ 3 per driver. .

RAC retailers accused the company of living in bad ‘rocket and feather’ behavior by opposing lowering of their pump prices when wholesale prices go up – which passes the increase daily.

If petrol and diesel prices drop by 12p and 10p per liter, respectively, both will fall below the previous record set in 2012 and end the 5-week sky-high cost for drivers.

If petrol and diesel prices drop by 12p and 10p per liter, respectively, both will fall below the previous record set in 2012 and end the 5-week sky-high cost for drivers.

Fuel spokesman Simon Williams said: ‘Ten days ago we highlighted that petrol 6p is very expensive due to the drop in wholesale prices.

Sadly, big retailers that dominate the market stand strong and take advantage of their customers by collecting more per liter of sales than they traditionally do.

‘The news of the Omicron Kovid transformation on Friday cut $ 10 from the oil price, resulting in a further reduction in the wholesale price of fuel.

We estimate that retailers are now earning around 19p-a-liter, which is shocking considering their average margin is pre-covid 6p

‘We estimate that retailers are now doing about 19p-a-liter, which is shocking when you consider that their average margin is pre-covid 6p.

“Diesel’s profit is around 15p-A-liter, and petrol has a similar long-term average margin.

“Based on the fact that big retailers buy a new supply every week, we believe that Unleaded 12p is very expensive and Diesel 10p is very dear.”

Williams said he fully expects retailers to upset the RAC for suggesting that their fuel is more expensive, and called for the government to intervene to force the hand of key operators.

“If a substantial reduction does not materialize, we think it deserves government scrutiny because no public institution is monitoring fuel prices to see if fuel prices are fair,” Mr Williams added.

“With fuel prices soaring to record highs, drivers need a little break at the pumps and it is now impossible to blame prices on rising oil costs.

‘It seems that retailers can avoid paying higher fees for fuel due to the general consent of the public for rising fuel prices.’

Save money on motoring

Logo L&C

Advertising

.

Related Articles

Garrett Hedlund tried to ‘jump out of a moving car’ and ‘kicked’ a friend before he was arrested for public intoxication

Garrett Hedlund "tried to jump out of a moving car" and "kicked" a friend before being arrested for public intoxication. The 37-year-old actor was...

Who is in the role of Pinocchio?

Guillermo del Toro and Mark Gustafson's upcoming stop-motion animated musical fantasy film is based on a 2002 version of Gris Grimley's 1883 Italian...

When is National Peanut Butter Day?

Peanut butter is a paste made from dry-fried peanuts. Although many believe that George Washington invented the Carver spread, he did not. 2National...

Latest Posts

Garrett Hedlund tried to ‘jump out of a moving car’ and ‘kicked’ a friend before he was arrested for public intoxication

Garrett Hedlund "tried to jump out of a moving car" and "kicked" a friend before being arrested for public intoxication. The 37-year-old actor was...

Who is in the role of Pinocchio?

Guillermo del Toro and Mark Gustafson's upcoming stop-motion animated musical fantasy film is based on a 2002 version of Gris Grimley's 1883 Italian...

When is National Peanut Butter Day?

Peanut butter is a paste made from dry-fried peanuts. Although many believe that George Washington invented the Carver spread, he did not. 2National...

Gisele Bundchen is silent after losing Tom Brady and the Buccaneers

Gisele Bundchen has been silent on the radio since her husband Tom Brady and the Buccaneers bounced back from a 30-27 loss to...

CEO should be fired on Peloton ‘mismanagement’: activist investor

An activist investor firm on Monday urged Peloton to fire its troubled CEO, John Foley, and the company's sale was explored after what...