The price of petrol has undergone the biggest daily increase in 17 years, amid warnings that rogue retails could be “named and shamed”.
A litre of petrol cost an average of 180.7p per litre on Tuesday – a 2.2p increase from the previous day, according to data analytics company Experian Catalist.
The RAC said this represented the biggest daily jump in close to two decades – and that if the trend continues, the cost of filling up a 55-litre family car would exceed £100 fro the first time.
According to The Times, ministers are drawing up plans to name and shame retails who fail to pass on the 5p cut in fuel duty, announced by Rishi Sunak in March.
Fuel duty cut
“We know that there has been variation in that and we do want to see it passed on at all petrol stations. We are not confident that that is happening across the board,” the prime minister’s official spokesperson said.
They said the Competition and Markets Authority (CMA) has the power to launch an investigation into whether the duty cut has been passed on.
“We know that there has been variation in that and we do want to see it passed on at all petrol stations. We are not confident that that is happening across the board,” the spokesman said.
“The CMA have said that if they find evidence that the cut is not being passed on that would mean competition is not working and they could launch a formal investigation. Obviously we would wholeheartedly support them.”
The Petrol Retailers Association, which represents independent filling stations, declined to respond to the remarks.
Tory MP Robert Halfon urged the Government to set up a new regulator to “force proper competitive and fair behaviour from the oil companies so motorists are not ripped off” and said a windfall tax on wholesalers should be considered.
The chairman of the Commons Education Committee told BBC Radio 4’s PM programme: “The fact is the oil companies, the wholesalers, are fleecing the motorist.
“It may be the Government could consider windfall taxes on the people providing the petrol and diesel wholesale, but the crucial thing for me is setting up a new regulator called PumpWatch.”
Most expensive forecourts
Some forecourts are already selling petrol above £2 per litre.
Price comparison website PetrolPrices said the most expensive price being charged is 202.9p per litre at BP sites on the A1(M) near Sunderland, Tyne and Wear; the A1(M) near Wetherby, West Yorkshire; the M4 near Chippenham, Wiltshire; and the M6 near Burton-in-Kendal, Cumbria.
The most expensive forecourts on local roads are selling petrol at up to 196.9p per litre in Glasgow and near Stafford, Staffordshire.
Average diesel prices are also at a record high.
They hit 186.6p on Tuesday, up 1.4p from Monday.
RAC fuel spokesman Simon Williams said: “A full tank of unleaded has now shot up to £99.40, moving us ever closer to the milestone £100 petrol fill-up – an unfortunate landmark we may reach as soon as today.
“Asda hiked its average petrol price nearly 5p a litre in a single day, which is unheard of.
“These are unprecedented times in terms of the accelerating cost of forecourt fuel.”
He added that “we are still some way from the peak” as it will take several days for an unexpected fall in wholesale costs on Tuesday to be reflected in pump prices.
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