The Competitions and Markets Authority has called for a new government body to monitor prices, plus new rules forcing filling stations to share up-to-the-minute price details online. Live fuel price-comparison tech to be introduced Williams accepts that the cost of running forecourts have increased, but says “bloated margins must make difficult reading for the millions of drivers who are already battling the rising cost of living”. “They appear to have capitalised on petrol in the early months of the war by upping their margin by 5p a litre in 2022, while they have increased their margin on diesel by nearly 8p this year, to 15p, by putting off reducing their prices when the wholesale price tumbled.” “Our analysis of wholesale and retail prices reveals the big four supermarkets have benefited considerably on the back of the dramatic wholesale market fluctuations caused by the start of the war in Ukraine,” Williams said. RAC fuel spokesman Simon Williams says that lower fuel prices were one of the main reasons for inflation falling to 7.9 per cent last month, but the data clearly shows that this could have been lower still, had the supermarkets reduced their pump prices in line with cheaper wholesale costs. The data shows supermarkets have taken an average of 15p per litre on diesel so far this year, as they’ve failed to pass on fuel wholesale price cuts to consumers. Consumers at the time blamed high global oil prices, rather than supermarket greed, for the painfully high cost of filling up. That has now increased to 9.3p for petrol and 10.8p for diesel, the RAC says.ĭuring 2022, the margin supermarkets charged for petrol climbed to almost 11p, and it hit a whopping 20p in the period after the new record average pump price of 191.5p was hit on 3 July.
According to data from RAC Fuel Watch, the biggest four supermarkets - Asda, Tesco, Sainsbury's and Morrisons - were taking average margins of 4.7p per litre before Russia attacked its neighbour, with a rate of 3.7p for petrol and 5.7p for diesel. Data revealed by the RAC shows supermarkets have doubled their margins on petrol and diesel since Russia invaded Ukraine, intensifying cost of living pressures for drivers and adding to UK inflation.
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