Petrol stations triple their profit after failing to pass on savings to drivers

Petrol stations triple their profit after failing to pass on savings to drivers

The Government must investigate retailers overcharging motorists, campaigners have said, with profit margins on petrol now three times higher than the average. Wholesale oil prices fell last week amid news of the omicron Covid variant but costs at the pump have not dropped. A tank of petrol is £7.20 more expensive than it should be, data from the RAC showed. Forecourts are earning a 19p per litre margin on petrol and 15p on diesel following the oil price crash, according to the RAC, which tracks consumer prices. This is three times the usual margin on petrol and two and a half times the usual margin on diesel, it said. The RAC's Simon Williams added: "Retailers must cut the cost of fuel or they will lose all credibility. If nothing happens in the next few days, we will be talking to the Government and demanding an inquiry. "Drivers are in dire need of some respite and now it’s impossible to blame the prices on rising oil costs. It seems as though retailers think they can get away with charging more because of the public’s general acceptance of rising energy prices ." Mr Williams said that before the drop in wholesale prices,