A motoring organisation says the CMA's review of the petrol market should take into account why petrol costs are failing to fall back, accusing retailers of being slow to act in a bid to protect their margins.
Petrol retailers have been accused of forcing"rocket and feather" pricing after unleaded hit a new, and unexpected, record average high over the weekend.
Motoring organisations had forecast a decline in wholesale costs to have been reflected at the pumps, but data from Experian Catalist revealed on Monday that petrol had reached 191.1p a litre on Sunday. It meant that the cost of filling the average family vehicle had topped £105, they said, piling further pressure on businesses and family budgets amid the widerDiesel costs hit a new record of 199.1p on Saturday, but fell back to 198.9p a day later.
The unleaded figure came as a surprise to the RAC, and it claimed there was a clear and well-trodden strategy in play that sees retailers quick to pass on rising costs but slow to react when they fall.Its fuel spokesman Simon Williams said:"We are struggling to see how retailers can justify continuing to put up their unleaded prices as the wholesale cost of petrol has reduced significantly.
"This is sadly a classic example of rocket and feather pricing in action, and one which the Competition and Markets Authority will no doubt be looking at very closely.
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