Drivers in the UK intending on filling up their cars in the next fortnight have been warned that they could end up paying an amount that “no way reflects” wholesale prices.
The RAC have said diesel drivers are due a “huge price cut” in the next two weeks as a result of falling wholesale prices.
It explained that the falling prices should be reflected in the amount being charged to drivers.
The average cost for owners of an average-sized family car running on petrol is £81.40, but for diesel models this amount increases by over £10 at £92.39.
Diesel drivers are due a “huge price cut” in the next two weeks
The cost of both petrol and diesel fell for the fourth consecutive month in February.
Last week, the wholesale price of diesel fell to 121.06p in comparison to petrol which sits at 115.48p.
Despite this, diesel owners are still paying 169p per litre in contrast to petrol owners who are paying 148p.
Costco this week took 4p off diesel at its UK sites, meaning it is charging 13p less than the UK average.
The RAC calculated: “If diesel was being sold at a fairer rate drivers would be paying no more than around 155p per litre, which would make the cost of filling an average 55-litre family car £7 less than it is today (£85.25, compared to the current £92.40).”
Its analysis found retailers are taking more than double the margin on every litre of diesel sold.
It urged retailers to “urgently cut the price of diesel to fairer levels”.
RAC fuel spokesman, Simon Williams, said: “For nearly a month, the gap between wholesale petrol and diesel prices has been less than 10p a litre and in recent days it has reduced to just 3.5p, yet average diesel prices at the pumps remain stubbornly high having fallen by only 2p since the start of February.
RAC urged retailers to “urgently cut the price of diesel to fairer levels”.
“The fact membership-only retailer Costco has been able to cut the average price of a litre of diesel by a massive 4p this week shows what’s possible, but we badly need other fuel retailers to treat drivers of diesel vehicles fairly.
“Even though the price of diesel is not being cut as quickly as it should be, the gap between the average prices of petrol and diesel has dropped to under 20p (19.99p) for the first time since 10 October 2022.
“If retailers now do the right thing this should reduce significantly, saving drivers who rely on diesel a lot of money every time they fill up.”