UK drivers missing out on huge reductions in fuel cost as petrol stations refuse to slash prices

UK petrol stations are failing to slash fuel prices despite a drop in the wholesale price, new research has found.

The RAC has accused retailers of failing to drop prices quickly enough, with Britons already grappling with the cost of living crisis forced to continue to pay high prices.

The average price of petrol in the UK fell by 8p a litre in December according to the motoring group, while the cost of diesel dropped by 9p.

According to the RAC the price of petrol should have dropped by a further 11p per litre and diesel by an extra 14p.

Spokesman Simon Williams said: "For weeks we’ve been calling on the big four supermarkets to cut their prices more substantially to give drivers a fairer deal when they fill up.

"So, even though they have reduced their prices collectively by more than 10p a litre in December, they are still nowhere near where they should be given the scale of the drop in wholesale prices."

The RAC's Fuel Watch data found that it costs on average it currently costs £83.08 to fill a 55-litre tank with petrol, and it costs £95.68 to do the same with diesel.