Drivers are overpaying around £4.40 too much per tank of fuel
August 9th, 2024
The RAC has claimed that in the UK diesel drivers are paying around £4.40 too much per tank of fuel and petrol users are paying £2.75.
Retailers are charging approximately 5p per litre too much for petrol and 8p for diesel. Suggesting that the margins between what the wholesalers charge and what the pump prices are is significantly higher than historical norms.
The RAC has revealed that drivers are paying £1.6 billion more each year due to a lack of competition among fuel retailers. While retailers blame rising costs, the Competition & Markets Authority (CMA) and the RAC point out that fuel prices are lower in Northern Ireland, where competition is stronger. Despite wholesale prices suggesting that pump prices should have dropped. July saw petrol and diesel prices remain unchanged at 145p and 150p per litre.
The organisation stated: “Despite wholesale prices meriting cuts at the pumps, drivers are on average still paying 5p more than they should be for petrol and 8p too much for diesel. This translates to nearly £3 a tank (£2.75) for petrol and £4.40 for diesel.”