Following this morning's fuel price cut by retailers following calls by the RAC for this to happen just last week, RAC fuel spokesman Simon Williams said:
“While this level of cut is clearly good news it has come far too late as the wholesale price of fuel has been falling since the end of October when the oil price began to fall again. Retailers should have reduced their prices then rather than making one bigger headline-grabbing cut now. The RAC called for a cut last week so it’s a case of better late than never.
“The first two weeks of November unfortunately prove that the ‘rocket and feather’ does exist. This is a great shame as retailers previously had a good record of lowering their prices in response to wholesale cost savings.
“This will sadly undermine motorists’ trust in fuel retailers and it’s hard not to see it as them taking advantage of the current climate which has led people to think that higher fuel prices are an inevitability simply because of the weaker pound and talk of the rising cost of goods.
“In fact there is still scope to reduce pump prices further as RAC Fuel Watch shows the national average price of petrol should fall from its current 116.68p a litre to nearer 110p.”