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Monday, Jul 22, 2024

RAC Highlights Unjustifiably High Fuel Prices in the UK

British drivers are currently paying much more for petrol and diesel than they should be, according to the RAC. Fuel retailers are accused of maintaining high profit margins, exploiting distractions like the general election. The Competition and Markets Authority confirmed that some retailers overcharged customers last year, and recent fuel profit margins remain at concerning levels.
British drivers are currently paying much more for petrol and diesel than they should be, according to the RAC.

The motoring group claims that fuel retailers are exploiting the general election's distraction to maintain high profit margins.

The Competition and Markets Authority (CMA) had previously investigated and confirmed that last year some retailers were overcharging customers.

Recently, the CMA noted that fuel profit margins remain at concerning levels, with the average petrol price at one pound and forty-six point three pence per litre, and diesel at one pound and fifty-one point five pence, both higher than expected.

The RAC's data shows an average profit margin of fourteen pence per litre on petrol and sixteen pence on diesel, against long-term averages of eight pence.

The Petrol Retailers Association, however, argues that increased operating costs and investments in electric vehicle technology justify the current margins.
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