BRITAIN'S soaring fuel prices should have FALLEN by 4p last month, the AA has revealed.
In a blow to millions of drivers, the motoring association said greedy fuel retailers have been pocketing profits despite the nation facing a crippling cost-of-living crisis.
Barely a penny of profit was passed onto consumers who now pay on average £100 to fill up the average family car.
Luke Bosdet, the AA’s fuel price spokesman, told The Telegraph: “Even commentators in the fuel trade say that their pump prices should be falling 4p in the next few days."
He slammed retailers who "should have passed on" the 5p fall in wholesale fuel prices to consumers but expressed fears they are instead waiting for announcements on possible tax cuts.
The wholesale price of petrol has tumbled 5p per litre since the Jubilee bank holiday weekend back at the start of June.
READ MORE MONEY STORIES
Javid, Mordaunt & Truss launch bids to be PM & vow to SLASH fuel taxes
Mordaunt vows to haltChannel crossings by cutting off fuel and boats
The petrol head added that yet another fall of 5p per litre could also happen in the next two weeks.
Darren Briggs, managing director of Ascona Group, which has 62 forecourts in Britain told The Sunday Times fuel cuts at his gas stations will arrive "in the next five days".
But that promise was made on July 10 and there has been no signs of a cut in price.
The firm, who partner with Nisa and Budgens, saw revenues including fuel duty, more than double to £201 million in the year to March.
Most read in Money
Landlord slammed for charging £575 a month for flat – can you see why?
I'm living off green juice after my UC was slashed over a simple mistake
Aldi 89p bargain shoppers are raving about – and it's a DIY Subway fix for cheap
I'm a lottery expert & have surprising advice for £191m jackpot winner
Brits have already exploded in fury at rocketing prices at the pump – taking to the road to slow traffic down as they demanded a cut in fuel duty.
Fuel Price Stand Against Tax brought the nation's roads to a standstill on July 4 as protesters chugged along at just 5mph in some places – sparking 12 hour monster tailbacks.
It comes as a string of Tory leadership hopefuls have vowed to slash unpopular fuel duty if they become Prime Minister.
Bookies' favourite Penny Mordaunt says she will halve VAT on petrol and diesel, cutting pump prices by between 15p and 20p a litre.
Liz Truss said that like Margaret Thatcher she wants to slash taxes on fuel to unleash growth.
A government spokesman said: “Following the Business Secretary’s intervention, the Competition and Markets Authority has launched a market study into the supply of road fuel in the UK to consider what more can be done to ensure prices at the pumps are fair.
“If evidence emerges of collusion or similar wrongdoing, the regulator won’t hesitate to take action.”
Source: Read Full Article