UK petrol price rises could grind to a halt this week, says AA
The surge in petrol prices could “grind to a halt” this week – despite the fuel reaching a record 185p a litre over the weekend – as wholesale prices fall.
The price of petrol reached 185.04p for the first time on Sunday, while diesel reached a new record of 191.03p on Saturday.
Fuel prices have been on a relentless march over the past week, piling pressure on household and business budgets.
But the AA said some respite might be in sight for drivers. The motoring group said the wholesale price of petrol – which has risen significantly since Russia’s invasion of Ukraine – has been lower than its pre-jubilee peak for more than 10 days.
The AA’s fuel price spokesperson, Luke Bosdet, said: “Petrol price rises should be grinding to a halt, at least temporarily, by the end of the week. There may still be some forecourts yet to pass on the recent surge in costs.
“If they continue to go up substantially afterwards, we will be intrigued to hear what excuses the fuel trade has this time. If prices keep going up, they will give the government further justification in its call to the Competition and Markets Authority (CMA) for an investigation.”
On Sunday the business secretary, Kwasi Kwarteng, asked the UK’s competition watchdog to urgently review petrol station operators, amid concerns that retailers have not passed on the recent cut to fuel duty.
In a letter to the CMA, Kwarteng wrote that people were “rightly frustrated” that the 5p-a-litre reduction had not stopped prices from soaring to record levels at forecourts.
Petrol retailers have been accused of profiteering. Retailers argue that their margins are thin and oil refineries are taking a larger cut than before the Ukraine war.
The rising cost of diesel is also a concern for the
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