Retailers Criticised for Rising Prices as Oil Costs Drop

The cost of oil fell by $10 a barrel recently, but major retailers have responded by upping their prices at the pumps as motorists continue to get hammered financially.

Despite the drop in cost, due to concerns about the Omicron variant, supermarket chains have added on average 3.1p a litre to unleaded petrol, and 2.7p to diesel in November.

The RAC has spoken out about the ‘shocking’ profit being garnered by these supermarkets, pointing the finger at Asda, Sainsbury’s, Tesco and Morrisons.

Simon Williams, RAC fuel spokesperson, told the BBC; “Since Covid, they’ve been far more reluctant to pass on any savings, even though the frequency with which they buy means they are in a position to pass on any savings in the wholesale price to drivers far more quickly.

“It would be much fairer if retailers mirrored wholesale prices more closely on a daily or weekly basis.

“The government should ask the biggest retailers to explain why they’re charging such high prices for fuel when wholesale prices have dropped.”

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