Further fuel price cuts from today - RAC comment

Commenting on the news that supermarkets are to again cut the price of petrol and diesel from today, RAC fuel spokesperson Simon Williams said:

“Fuel has been overpriced on our forecourts for over a month so while this is another step in the right direction all retailers should have reduced prices far quicker.

“Instead many have capitalised on a chance to make more money while hard-pressed motorists continued to fork out for unnecessarily expensive petrol. We need reductions in the wholesale price to be passed on quickly in the same way increases are when oil is going up.

“Last month we saw the largest drop in petrol prices in four years, but it really should have been far greater than it was due to the dramatic drop in the price of oil. Now it’s vital the other supermarkets start to compete with Asda in the way they were doing two months ago. Without this other retailers will not bring their prices down quickly enough and the UK average prices will not fall to the level they should be at. In the season of goodwill we need retailers to charge motorists a fair price for both petrol and diesel.

“There is, however, a serious cause for concern around the Opec oil producers’ meeting in Vienna today (Friday) as any agreement to curb output could mark the start of rising oil prices again, which is likely to have the effect of pushing up wholesale fuel prices – and in turn the price motorists in the UK pay to fill up.”