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‘Big four’ accused of keeping forecourt prices at unrealistic levels despite huge drop in wholesale costs

Supermarkets have finally begun to cut their fuel prices after weeks of falling wholesale costs but are not going far enough, according to motoring groups.

The big four - Tesco, Asda, Sainsbury’s and Morrisons - have been accused of keeping prices artificially high as drivers continue to struggle with exceptional forecourt costs.

The RAC says that current petrol prices should have dropped by around 16p per litre in recent weeks but have actually only fallen by 5.5p since hitting record levels in early July.

The latest fuel price data from Experian Catalist show that on average, supermarkets are charging 185.15p per litre for petrol - down from 190.6p on 1 July.

Fuel prices have remained exceptionally high depite wholesale costs falling for seven weeks

However, the wholesale price they pay for fuel has dropped by 19p since early June.

Last week, the AA said that forecourt prices should fall by up to 20p per litre to reflect recent wholesale price cuts.

The situation is similar for diesel, where wholesale prices have dropped 15p per litre but only 4p of this saving has been passed on to motorists.

The RAC’s fuel spokesman Simon Williams said the current situation was “one of the worst examples” of rocket and feather pricing, where forecourt costs soar as soon as wholesale prices rise but drop far slower as wholesale prices reduce.

Supermarket fuel prices: why RAC says cheaper petrol at Asda, Tesco, Morrisons and Sainsbury’s ‘isn’t enough’