Fuel prices will fall by 9p a liter in December 2022, saving motorists £5 per tank – but the RAC says petrol and diesel are still too expensive due to lower wholesale costs.
Petrol prices fell 8.4p to 151p a liter, while diesel prices fell 9.4p to 173.9p a liter.
One of the big four supermarkets went further, cutting petrol prices by 10p to 147.7 pa-litres and diesel by 11.4p to 170.2 pa-litres.
However, wholesale fuel prices have fallen sharply since October, according to data RAC Fuel Watch Data.
Even allowing for generous retailer margins of 10p a liter – 3p above average – petrol should now cost 140p a liter and diesel 160p a liter.
This means motorists are paying 11p more for a liter of petrol and 14p more for diesel.
fairer deal
“We’ve been calling for the big four supermarkets to significantly reduce prices for weeks to give drivers a fairer deal when they fill up,” RAC fuel spokesman Simon Williams said.
Fuel prices “remain far below the level that wholesale price declines would warrant”.
Notably, in December, Business Secretary Grant Shapps wrote to fuel retailers urging them to ensure the savings were passed on to consumers.
“We hope the Commerce Secretary’s intervention on Christmas Eve will put more pressure on bigger retailers to do the right thing,” Williams said.
He added that fuel prices in Europe were much cheaper than in the UK – petrol averaged 144p a liter and diesel 152p a liter.
“Compared to 27 EU countries, we currently have the second most expensive diesel and the sixth most expensive petrol.”
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