Petrol prices are increasing despite massive drops in the price of oil, it has been reported. It is understood that some petrol stations are asking 2p a litre more for unleaded – or nearly 10p a gallon – over the last few days. This means motorists are paying £1 more every time they fill up.
Meanwhile wholesale oil prices have dropped nearly 40% since July and the wholesale cost of diesel and petrol is down 30%. The revelations have led to accusations of profiteering and motoring groups are demanding forecourts drop their prices.
AA spokesman Luke Bosdet said: 'These dramatic falls should be filtering their way to the pumps by now. Instead, garages are putting on 1p and 2p a litre to screw a bit of extra cash before the inevitable drop.
'It looks as if garages are trying to squeeze a penny or 2p a litre extra out of motorists before prices do drop. It smacks of profiteering. It really is outrageous that pump prices should be rising when oil is plummeting.'
This week alone the wholesale cost of petrol has dropped 10% but the AA has revealed that the average price of petrol rose from 112.88p to 112.91p a litre - with some petrol stations charging a lot more.
Ray Holloway of the Petrol Retailers' Association, which represents 6,100 of the 9,200 filling stations, said the irregularities were down to currency fluctuations. He added: 'Oil is traded in U.S. dollars and the British pound has fallen in value against the dollar, which is making the cost of fuel to UK customers more expensive.
'Without this currency difference, petrol and diesel would be up to 5p a litre cheaper in Britain.'