Fuel Prices Soar Despite Falling Costs – Retailers Cash In During Election
UK fuel retailers are under fire for hiking prices at the pumps well above what wholesale costs justify. The RAC has slammed forecourts for raking in hefty margins, even as wholesale prices have dropped since April.
Petrol and Diesel Pump Prices ‘Unfairly High’
The average litre of petrol now costs 146.3p at UK pumps — a full 5p more than it should be, according to the RAC. Diesel is even worse, with prices hitting 151.5p per litre, making the UK’s diesel the most expensive in Europe for seven weeks running.
By comparison, Northern Ireland motorists enjoy cheaper fuel, paying just 141.1p for petrol and 141.9p for diesel — nearly 10p less per litre for diesel.
Retailers’ Fat Margins Cost Drivers Dearly
RAC data reveals retailers are pocketing margins of 14p per litre on petrol and 16p on diesel — double the long-term average of 8p. Simon Williams, RAC head of policy, blasted the practice:
“Margins are once again staying persistently high, and drivers are paying the price. Pump prices haven’t fallen in line with wholesale drops. Drivers across Great Britain are losing several pounds extra every time they fill up.”
Williams suspects retailers are banking on the General Election distracting the public from soaring prices. He urged regulators to act fast.
Why Are Prices Lower in Northern Ireland?
Northern Ireland benefits from fierce competition, partly due to cheaper fuel options across the border in the Republic of Ireland. This keeps pump prices in check — something sadly missing in mainland Britain.
Independent UK retailers defend their margins, pointing to rising business rates, energy bills, and staff wages as reasons for pricier fuel.
RAC Demands Regulator Steps In
The RAC wants the Competition and Markets Authority (CMA) to clamp down on excessive fuel margins. With the election dominating headlines, consumer groups warn drivers are being short-changed and call for urgent action.
Stay tuned for more fuel price updates and regulatory developments as the situation unfolds.
