The average price of petrol fell in July by nearly 9p (8.74p) to 182.69p a litre and diesel coming down by almost 7p (6.69p) a litre from 199.07p at the start of the month to 192.38p by the close.
But while these are the third and fourth biggest monthly reductions respectively in the last 20 years, the RAC says they still don’t fairly reflect the fall in the wholesale price of fuel, meaning major retailers should be cutting pump prices much further.
The wholesale cost of petrol delivered to forecourts has fallen for eight consecutive weeks by a significant 20p from 151.93p at the start of June to 131.75p a litre in the last week of July. The last time unleaded was this price on the wholesale market was in early May, which a week later led to a UK average pump price of just 167p a litre.
The RAC said that the failure of the biggest retailers to reduce petrol pump prices in line with the drop in the wholesale price of unleaded has cost drivers dearly.
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