In November, fuel prices saw a decline, marking a continued trend in falling petrol and diesel costs. However, despite this drop, the RAC asserts that drivers aren’t reaping the full benefits due to what they perceive as retailers withholding the total savings.
According to the RAC’s Fuel Watch data, the average price for petrol dropped by 7.5p per litre, settling at 146.95p in November. Despite this reduction, the organization claims that this cost remains 10p higher per litre than it should ideally be. The typical retailer margin on each litre of petrol has surged to 17p, significantly above the standard long-term average of 7p.
For drivers with a typical 55-litre petrol-run family car, the average cost to fill up now stands at £80.62, which is £5 more than what the RAC believes it should actually be.
Diesel prices also experienced a reduction of 7p per litre in November, reaching 154.40p. However, the RAC considers this to still be an ‘overcharge’ of 5p per litre compared to what it should be. Filling a 55-litre diesel car reportedly costs around £2.50 more than it should at £84.92.
The RAC has expressed disappointment in fuel retailers, highlighting their reluctance to reflect the 5p fuel duty cut introduced in March 2022 in the pricing. This discrepancy in passing on these reductions has led the RAC to estimate a collective loss of £184 million for motorists over the past two months due to this apparent overcharge.