Fuel prices have been shooting up again in the UK, rising for a fourth consecutive month but a global oil price drop means pump prices should soon be dropping according to the RAC.
If the retail market is working as it should be, the RAC says the price of fuel should to fall by at least 7p in the next week.
Reacting to a sudden drop in the global oil price this week, RAC fuel spokesman Simon Williams said: “The sudden $10 drop in the price of a barrel of oil in the space of just a week should soon bring some welcome relief to drivers at the pumps.
“The biggest retailers will no doubt be buying new supply at much lower wholesale prices due to the fact they get through the most fuel.
“It remains to be seen, however, whether they will then do the right thing and pass on the savings they’re benefitting from to drivers on their forecourts up and down the country.”
It will be a very interesting test in fuel pricing transparency and one which the Competition and Markets Authority (CMA) will be paying close attention to, especially as wholesale petrol prices have been meriting reductions at the pumps for several weeks already
Simon added: “While lots of retailers are now voluntarily publishing their sites’ fuel prices at the request of the Energy Secretary following the CMA’s report in early July, we need the Government to act on the CMA’s other key recommendation: the creation of a price monitoring body.
“This is what’s truly needed to ensure retailers’ forecourt prices mirror what’s happening on the wholesale market so drivers get a fair deal.”
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