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Months of rising pump costs come to an finish as 2p drop recorded in October

Months of rising pump costs come to an finish as 2p drop recorded in October

After 4 months of rising petrol costs, October recorded a 2p drop. However drivers are nonetheless paying “far an excessive amount of on the pumps”, in response to a motoring group.

The common worth of a litre of unleaded fell 2.6p from 157.12p to 154.53p final month, RAC Gas Watch information revealed.

Nevertheless, it stated primarily based on monitoring the wholesale market, petrol stays “critically overpriced” and may sit at a mean 145p.

In the meantime diesel car drivers noticed 1p shaved off a litre of gas to 161.4p in October. Once more, the group argued it’s “dearer than it ought to be” and should be promoting at 156p a litre.

Pump worth postcode lottery

Nevertheless, drivers in some elements of the nation are seeing cheaper costs, as information from the free myRAC app reveals that at Whitchurch in Shropshire, an impartial forecast (Grindley Brook Storage) is charging simply 140.9p for petrol.

That is practically 14p lower than the UK common, offering drivers with a £7.50 saving when fuelling up their tanks.

In the meantime, there are additionally three different independents inside 5 miles promoting petrol for properly beneath 150p – 5p lower than the UK common. Diesel at Grindley Brook, run by DA Roberts, is 151.9p – practically 10p lower than the UK common, a saving of greater than £5 on a whole fill-up.

Elsewhere, within the nearest city of Nantwich 13 miles away, there are two grocery store retailers providing the most cost effective petrol inside 5 miles of the city centre at 152.9p. That is 7p greater than round Whitchurch. The bottom priced diesel is 159.9p, which is 4p lower than the common close to Whitchurch.

In Northern Eire the common worth of petrol on 31 October was 150.02p – 4.5p lower than the UK common, whereas diesel is 157.48p, 4p cheaper.

Membership-only retailer Costco which tends to be cheaper can also be promoting unleaded for a mean of 141.7p at its 20 websites – 13p beneath the UK common with its lowest worth being 138.9p in Birmingham. Its common worth for diesel is 151.7p – 10p lower than the UK common, however its Derby website is promoting for 148.9p.

Relating to supermarkets – traditionally cheaper than the main gas retailers however which have now been beneath hearth for his or her greater costs – the large 4 are charging 151.72p for petrol. That is down 2.3p in October however virtually 11p dearer than the independently run Grindley Brook in Shropshire. Grocery store diesel ended October at 159.24p, up practically a penny within the month, however greater than 7p dearer than Grindley Brook.

‘No trigger for celebration’

RAC gas spokesman Simon Williams, stated: “Whereas 4 months of rising petrol costs got here to an finish in October, it’s undoubtedly no trigger for celebration that the drop was solely 2p a litre as our information reveals it ought to have been far higher. As a substitute, drivers shall be outraged to study they’re nonetheless not being charged a good worth on the pumps by the large 4 supermarkets which dominate UK gas retailing.

“That is dramatically demonstrated by the truth that one small impartial retailer in rural Shropshire is promoting petrol for 11p cheaper than the supermarkets.

“Our information clearly reveals the supermarkets, like all gas retailers, are benefitting from decrease wholesale prices however as soon as once more aren’t passing these financial savings on to their forecourt clients.”

Williams added that regardless of the Competitors and Markets Authority’s investigation concluding that supermarkets had overcharged drivers by an unimaginable £900m final yr, “historical past sadly appears to be repeating itself”.

He stated: “Day-after-day the supermarkets postpone lowering their costs to fairer ranges that replicate the decrease wholesale market, is one other day of additional earnings for them, and one other day of drivers having to fork out extra money than they need to need to for his or her gas.

“That is all made worse by the truth that gas responsibility is presently being discounted by 5p a litre to ease the burden on drivers within the cost-of-living disaster – an obligation lower that drivers merely aren’t benefitting from.

“We highlighted these points to the CMA, the Treasury and the Division for Power Safety and Web Zero final week, so had been happy to see that Power Secretary Claire Coutinho has written to retailers making it clear they have to cross on financial savings to drivers in any other case she’s going to identify and disgrace them.”

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