The RAC is urging leading petrol retailers, including major supermarkets such as Asda, Morrisons, Tesco, and Sainsbury's, to introduce lower prices for drivers. The average price of unleaded petrol now stands at 158.52 pence per litre, surpassing the previous peak of 158.31p recorded on April 15, according to the RAC.
Petrol Price Trends
Petrol prices fell by more than a penny until the start of May, the RAC has found. However, the organization now expects unleaded to rise to at least 160p per litre unless the price of crude oil decreases. The RAC's head of policy, Simon Williams, stated: "RAC analysis of wholesale fuel data unfortunately indicates that unleaded is now likely to increase to at least 160p a litre in the coming weeks, unless there's a dramatic and sustained drop in the price of oil which has been above $100 a barrel since late April."
Diesel Prices and Retailer Response
While diesel prices have fallen "significantly" since peaking in early April, the RAC warns that they should be much lower. "We urge retailers to reflect the savings they're benefitting from when buying new supply on the forecourt," the RAC said. Supermarkets and other petrol retailers, including Esso, BP, and Texaco, are being called upon to adjust their pricing accordingly.
Government Fuel Finder Initiative
Drivers in the UK can now check fuel prices at every petrol station nationwide thanks to a new Government initiative called Fuel Finder. This service provides real-time data to third-party apps and websites, enabling the public to compare prices easily. When launched, Mr. Williams commented: "We hope this is the start of the journey to cheaper fuel prices around the UK. The Government has set up this scheme with the intention of increasing competition among retailers to give drivers better value at the pumps. As a growing number of the country’s 8,300 forecourts submit their prices on a daily basis, drivers will be able to easily find the cheapest forecourts near them using their favoured app or sat nav."
Brent crude, the global benchmark for wholesale oil prices, is currently trading at about $111 a barrel, up from around $73 before the conflict. This increase has pushed up prices at the pump.
