Petrol and diesel prices dropping too slowly at the pump
08 Dec 2022
There is evidence that 'rocket and feather' fuel pricing happened in 2022, according to a report published by the Competition and Markets Authority (CMA).
This is when petrol and diesel prices rise as wholesale costs rise, but then fall more slowly than costs come down.
The CMA found evidence of rocket and feather pricing across all retailers in March and April 2022, particularly for diesel prices.
It also said that 2022 as the most volatile year for fuel prices on record and that changes in retail pricing, require further investigation.
The RAC said this was a widespread problem and Christmas fuel prices were more expensive than they should be.
RAC fuel spokesperson Simon Williams said: 'When wholesale prices trend down for weeks at a time drivers should see pump prices do the same at a similar rate - unfortunately our data shows that this is not often the case.
'What's happening now - as it was last December - is a massive downward shift in the price of wholesale fuel with a slow dropping of forecourt prices. Consequently, drivers are set for a more expensive time on the roads this Christmas than it should be.
'We strongly urge the biggest retailers to lower their prices. Unfortunately, we fear they are holding out, hoping for a rise in the price of oil later this month.'