Wholesale Petrol Prices Drop, Consumer Prices Increase ?

According to the RAC, the average litre of petrol costs 147.28p, up 3.1p in the month at the end of November. And the fuel hit a record high of 147.72p per litre on November 21. Similarly, diesel prices rose 2.7p per litre last month, hitting a record 151.1p per litre on November 20 before settling to 150.64p per litre at the end of the month.

What seems odd, there was a 10p drop in the wholesale price of petrol last month, meaning the wholesale cost fell to its lowest level since September.

The RAC says retailers retained high prices with ‘absolutely no justification. They say they are ‘pleading with retailers to cut their pump prices by around 12p per litre for petrol and 7p per litre for diesel.

Simon Williams, a spokesman for the RAC, says, ‘they cannot see any justification for the prices being charged at the pumps and are concerned that drivers on lower incomes who depend on their vehicles are being priced off the road altogether.’

There appears to be no desire among the big four retailers, which dominate fuel sales, to lower their prices.

It seems Chancellor Rishi Sunak’s November announcement that fuel duty is to remain frozen for the 12th time in a row has had little impact.