| 28 May 2024, Tuesday |

Fuel prices hit new records despite plummeting wholesale costs

The average price of petrol was 167p a liter, compared with 165.89p just before the start of the weekend, according to figures from data firm Experian Catalist.

Diesel now averages 179p a liter, up from 177p before the weekend.

Wholesale petrol and diesel costs started to fall dramatically more than 10 days ago but the savings have not been passed on to consumers.

The cost of oil was 110 US dollars a barrel at the end of last week, with wholesale petrol down 12p a litre from its peak of 78p to 66p on 8 March.

Luke Bosdet, the Automobile Association’s spokesman, said: “Pre-pandemic, the retailers would sit on lower-cost savings and wait for either Asda or Morrison to announce price cuts, and then start to bring their prices down.

“Now that that competitive thrust has largely gone, drivers and businesses in desperate need of the financial relief from lower pump prices must struggle on.”