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Pressure mounts on fuel retailers to reverse pump prices

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22/06/2022
The oil price and wholesale costs have fallen, mounting pressure on the biggest fuel retailers to cut pump prices.

As more people hit the roads yesterday following the first day of the rail strike, pump prices soared to new highs.

Petrol drivers paid an average 189.33p per litre, up from 188.74ppl on Monday. Meanwhile diesel drivers saw average prices creep up from 196.36ppl on Monday to 197.11ppl yesterday.

This takes the cost of filling up the average 55-litre family car with unleaded to £104.13, while the equivalent cost for diesel drivers is £108.41.

‘Seems we’ve reached the petrol peak’

RAC fuel spokesman, Simon Williams, said: “With the oil price falling and wholesale costs down over the last week, pressure is mounting on the biggest retailers to turn the tide and put petrol pump prices into reverse.

“It now seems we’ve reached the current petrol peak, so we expect to see the big four supermarkets start to cut their prices. As they dominate UK fuel retailing this should lead to others reducing their prices too which will benefit drivers everywhere.

“The situation with diesel is different unfortunately as wholesale prices last week still put it on course to move closer towards an average of £2 a litre. If, however, oil continues to trade lower it could just prevent this from becoming a reality.”

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