Drivers should have seen a bigger cut in fuel prices at the pump after costs slumped in September.
According to data published today by the RAC, the average price of a litre of petrol went down to 162.9p – the sixth biggest monthly drop since 2000.
Filling up a 55-litre petrol car has gone back to below the £90 mark for the first time since May, while the cost for diesel went down by £10 to below £100.
But savings for motorists should have been 10p higher if retailers had not hiked their profit margins.
“Despite September seeing the sixth biggest ever drop in the price of petrol, drivers really should have seen a far bigger drop as the wholesale price of delivered petrol was around 120p for the whole month,” said RAC fuel spokesperson Simon Williams.
“In stark contrast to this RAC Fuel Watch data has shown margins to be around 17p a litre – a huge 10p more than normal.”
Williams urged drivers to “shop around for the best deals rather than simply assuming the supermarkets are the lowest because they have been in the past.”
Supermarkets such as Asda, Tesco, Sainsbury’s and Morrisons usually charged 3.5p per litre less than the average but – according to RAC figures – are currently only 1.5p cheaper.
The validity of the RAC claims, Williams added, is proven by Morrisons offering 5p per litre off for those spending more than £40 in store.
“This type of promotion tends only to be seen when supermarkets are benefiting from lower wholesale prices,” he added.
City A.M. has approached the Big Four supermarkets for comment.
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