Petrol price alert: The shocking amount you’re being overcharged for gas has been revealed.
The RAC has stated that drivers are being ripped off by the inflated cost of gasoline.
When you fill up your gas tank, how much do you overpay?
The RAC claims that by failing to pass on wholesale price reductions, petrol retailers are overcharging UK motorists.
The “scandalous” refusal, according to the company, resulted in drivers paying £5 million more per day – totaling £156 million – in December 2021.
The announcement came at a time when gasoline prices were at an all-time high, and Transport Secretary Chris Grayling claimed that the government had “done its part” to combat rising fuel costs.
In September, the wholesale price of oil increased by 10%, and a well-documented lorry driver shortage resulted in drivers queuing for hours at a time to fill up their vehicles for a period in the fall.
Pump prices fell by 2p per litre in December, but according to the RAC, the price should have fallen by 12p due to lower wholesale costs.
The traditional long-term margin of 6p per litre appears to have been abandoned, with retailers charging an average of 16p per litre for gasoline and 12.5p for diesel.
“December was a rotten month for drivers as they were taken advantage of by retailers who rewrote their pump price strategy, costing motorists millions of pounds as a result,” RAC fuel spokesman Simon Williams said.
“Their aversion to lowering prices and only passing on a fraction of the cost savings from lower wholesale costs is scandalous.
“The extra 10p retailers have added to their long-term margin of 6p per litre has resulted in petrol car drivers paying £5 million more per day than they would have previously.”
Mr Williams claimed that in the past, retailers had “done the right thing” and reduced pump prices when wholesale costs were reduced, but that this is no longer the case.
“This time they’ve stood firm, taking advantage of all the media talk about ‘higher energy prices,’ and betting on the oil price rising again and catching up to their artificially inflated prices, which it has now done,” he continued.
The refusal to adjust petrol prices in line with wholesale costs is a double whammy for UK drivers, as Mr Williams explained, because it results in VAT increases that motorists must pay for.
“The problem is every extra penny they get,” Mr Williams said.
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