Fuel retailers across the UK reduced petrol and diesel prices by 2p per litre in April, marking the second consecutive month of decreases at the pumps, according to data from RAC Fuel Watch.
However, the motorist organisation believes retailers have the capacity to make further significant cuts based on current wholesale prices.
While petrol prices fell from an average of 136.1p to 134.1p and diesel from 142.6p to 140.6p, the RAC calculates that both fuels should be approximately 4p cheaper – around 130p for petrol and 136p for diesel.
This assessment was based on oil trading consistently below $70 throughout April, considerably lower than March levels, suggesting retail prices have not fully reflected the reduction in wholesale costs.
Simon Williams, head of policy at RAC, said: “On one hand it’s good news prices at the pumps fell for the second straight month, but on the other it’s disappointing that retailers didn’t drop their prices further considering how low oil and wholesale prices continue to be.
“Drivers right across the UK should really be benefitting from petrol being sold at an average of nearer to 130p and 136p for diesel. For now, only those in Northern Ireland are doing so.”
Williams added: “The data shows there’s still scope for prices to be reduced by around 4p a litre, so we call on major retailers to reward their customers with some further significant forecourt cuts soon.
“Some are already selling both fuels for very low prices at particular sites – we’d just like to see this happening more frequently around the country.
“For example, both Asda and Sainsbury’s are selling unleaded for under 125p a litre in Ipswich.”
The fuel retail landscape shows considerable regional and operator variations. Northern Ireland continues to offer significantly lower prices, with petrol at 128.8p and diesel at 133.7p – 5.3p and 6.9p below UK averages respectively.
Membership-only retailer Costco leads on competitive pricing, offering petrol at 125p and diesel at 131p across its 20 UK sites.
Among the major supermarkets, the average price for petrol is 131p and diesel 137p, highlighting the price differential across different retail sectors.
