While petrol and diesel prices have fallen drastically since their peak, are we still facing the raw end of the deal?
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00:00While petrol and diesel prices have fallen drastically since their peak in 2022, are
00:06we still facing the raw end of the deal? The RAC seems to think so. The motoring services
00:11company has written to the Energy Secretary to draw attention to high retailer profit
00:16margins. They believe that while the cost of wholesale fuel has come down, retailers
00:20haven't been passing on this saving to their customers. RAC data shows the average difference
00:25between what retailers pay per litre and the pump price has been 18 pence for diesel
00:30and 12 pence for petrol, while the long-term average is just 8 pence. But those who represent
00:35the retailers say fuel sellers are up against rising costs and geopolitical events outside
00:41of their control. The RAC is backing the government's plans to make sharing of price margins mandatory
00:46for greater transparency. A spokesperson for the Department for Energy Security and Net
00:51Zero commented, the Energy Secretary has been clear that retailers who fail to pass
00:55on savings to drivers at the pumps will be held to account. Drivers deserve to know they
00:59are getting a fair price for fuel and our pump watch scheme will do just that, helping
01:03them find the best deal.