Fuel prices stuck sky-high as supermarkets rake in fat profits amid cost-of-living crisis
Brit drivers are getting a raw deal at the pumps while the UK’s biggest supermarkets cling to hefty fuel margins. Despite wholesale prices plunging, forecourt prices barely budge, leaving motorists coughing up way more than they should.
Supermarkets pocket 15p a litre – while drivers pay over the odds
RAC Fuel Watch reveals supermarkets are cashing in with margins of around 15p a litre on petrol and diesel. While wholesale prices have slumped to 117p for petrol and 136p for diesel, forecourt prices stubbornly hover at a pricey 160.96p for petrol and 184.41p for diesel.
That’s just a couple of pence cheaper than the UK average, with diesel only 2p below the national average of 187.42p.
If supermarkets cut margins, drivers could save big
Industry experts say if the big four retailers trimmed their margins to 10p a litre, petrol prices could drop to around 152p and diesel to 173p. That’s a whopping 9p and 11p savings per litre respectively.
RAC slams supermarkets for “rocket and feather” pricing
“With many people struggling to put fuel in their cars it’s very sad to see the biggest fuel retailers taking advantage,” said RAC fuel spokesman Simon Williams. “Prices rocket up quickly when wholesale costs rise but fall slowly like a feather. That’s exactly what we’re seeing now.”
Williams added the big supermarkets dominate UK fuel sales but have little real competition. “If one cuts prices, the others would follow, bringing relief to all drivers. Yet smaller independent forecourts currently offer better deals than supermarkets.”
Supermarkets urged to slash prices before Christmas
Asda remains the cheapest of the big four, though it has also been slow to pass on wholesale price drops. The RAC is calling on supermarkets to cut prices by at least 5p a litre immediately.
Williams warned last year’s pattern offers no hope: “Despite similar wholesale price margins in 2021, supermarkets failed to cut prices significantly. This year fuel is even dearer – petrol is 16p a litre more expensive and diesel a shocking 37p dearer than at the same time in 2021.”
Drivers are advised to shop around and consider independent forecourts for cheaper fuel in these tough times.
