Supermarkets ‘implored’ to lower forecourt fuel prices after steady wholesale drop
Motoring group the RAC has urged supermarkets for not lowering prices in forecourts despite wholesale fuel going down in price.
The car-owners’ organisation appealed to the big four – Tesco, Sainsbury’s, Morrisons and Asda to make consumers’ lives easier amid the cost of living crisis.
In new figures released, the RAC showed wholesale fuel prices have fallen every week for more than a month, yet supermarket pump prices have been cut by just a fraction since then.
RAC spokesman Rod Dennis said: “Given how far wholesale prices have fallen since early October, the major supermarkets have had ample opportunity to cut their fuel prices significantly.”
“The result is that drivers who depend on their vehicles are being denied lower prices, for no obvious reason whatsoever.”
“We implore the biggest retailers to do the right thing and reduce pump prices immediately.”
This comes after wholesale retailer Costco bucked the trend in lowering its pump prices. RAC said in a post on its website, that “Diesel at Costco is currently on sale at its 19 forecourts for an average of 171.6p – nearly 14.5p less than the UK average and 12p cheaper than a litre at a supermarket.”.
Tesco declined to comment, while Sainsbury’s and Asda have been approached for a response.
Morrisons pointed to a statement put out by the British Retail Consortium, which flagged that the Competition and Markets Authority found supermarket prices were lower than other fuel retailers.
Director of Food & Sustainability at the British Retail Consortium, Andrew Opie, said: “Retailers understand the cost pressures facing motorists and will do everything they can to continue to offer the best value-for-money across their forecourts, passing on cost reductions as they feed through the supply chain.”
The CMA also said: “The presence of a supermarket can also lower the price of fuel in the surrounding local area”