Drivers suffer fresh blow with higher petrol and diesel prices as ‘retailers need to earn more’
A full tank of petrol will set drivers back roughly £80.50
PA
Experts have snapped back at complaints from the car industry which accused retailers of hiking petrol and diesel prices at the pumps.
The Petrol Retailers Association said the latest data by the RAC overlooked several “critical” factors, with a full tank of fuel now costing roughly £80.50 for unleaded while the diesel equivalent is £83.30
The latest RAC report showed how expensive a full tank of petrol and diesel now is for drivers and called on political parties to pledge their support to help lower the burden on drivers.
The PRA commented that the RAC must consider the significant increases in operating costs which are affecting prices.
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PRA says prices were increased due to 'substantial' costs on retailers
GETTYThe reduced fuel volumes post-pandemic and the “substantial” investments required to transition to a low-carbon transportation system are also contributing to pricing.
These factors mean that fuel retailers need to earn more from fuel sales to stay in business and invest in the future.
Gordon Balmer, executive director of the PRA, explained that it is important to recognise that the UK currently has the highest fuel duty in Europe.
Balmer added that the Labour Party recently “failed to provide clarity” on whether they would maintain the existing five pence per litre fuel duty rebate.
He detailed: “The Labour Party has also highlighted the need for increased investment in EV charging points.
“Forecourts are ideally suited for 'en route' EV charging, and many PRA members are investing in this infrastructure despite the slower-than-anticipated uptake of electric vehicles and the long payback periods for such investments.”
He said that if any new Government wants to facilitate the transition to a low-carbon transportation system, “having forecourts with sufficient EV charging capabilities is crucial”.
In a bid to combat the prices, the RAC had previously called on the Competition and Markets Authority to take “meaningful action” against retailers whose margins are too high.
In the latest report, RAC head of policy Simon Williams said he hoped that the CMA would be aware of what is going on and the impact it is having on drivers.
He stated that something needs to be done to bring retailers “into line” as soon as it’s able to, given that drivers in Northern Ireland are “paying so much less for the very same fuel.
Balmer explained that the PRA has maintained transparency in its dealings with the Government on fuel pricing and will be meeting with officials from the CMA to discuss this further.
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Drivers in Northern Ireland pay less for fuel than in England, Scotland and Wales thanks to a price checker
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The CMA had previously promised to closely monitor road fuel prices and report any sign of malpractice to the Government, with hopes this will boost competition among forecourts and lower prices.