The RAC has accused fuel retailers of profiteering by continuing to increase prices, even when the wholesale cost of petrol and diesel is falling.

As the price of petrol and diesel at the pumps rose to record highs again – an average of 191.05p for petrol and 199.09p for diesel in the last few days of June – the motoring organisation slammed the actions of retailers.

While forecourt prices have surged this year as a result of the war in Ukraine, this was mainly due to rising wholesale prices, which retailers had little choice but to pass on to customers. However, with supplies moving away from Russia prices have stabilised and started falling.

It has left consumers and the RAC angry and frustrated.

“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,” said RAC fuel spokesman Simon Williams.

“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. It seems as if retailers are making matters worse for themselves by not lowering their forecourt prices despite having a clear opportunity to do so.”

The Competition and Markets Authority were asked by the Government last month to investigate why fuel retailers were not reflecting the 5p cut in fuel duty in their prices.

Williams went on to say that “the longer they hold out, the more they benefit and the longer the misery continues for drivers struggling with the high prices.”