RAC calls for biggest fuel retailers to reduce their fuel margins

The RAC has called for the biggest fuel retailers to reduce their fuel margins back down to the level it was prior to the pandemic.

With a new record high petrol price of 142.94ppl set on Sunday 24 October, the RAC says the cost of unleaded in seven UK regions has now exceeded the previous high of 142.48ppl reached on April 16, 2012.

The latest RAC Fuel Watch data shows that Scotland, Wales, Northern Ireland, the North East and Yorkshire and the Humber are the only places in the UK where the average cost of a litre of petrol is still below the old record price.

RAC fuel spokesman Simon Williams said: “With oil now at $86 a barrel and retailers taking more margin per litre than they did nine and half years ago, it surely won’t be long before every nation and region of the UK, perhaps apart from Northern Ireland, exceeds the 2012 high petrol price of 142.48ppl.

“These high prices will be hurting households and businesses everywhere and could have a damaging effect on the economy at a time when it is recovering from the worst impact of the pandemic.

“We urge the Government to help ease the burden at the pumps by temporarily reducing VAT and for the biggest retailers to bring the amount they make on every litre of petrol back down to the level it was prior to the pandemic.”