(Bloomberg) — Gasoline and diesel prices in the U.K. ended the year below November’s record highs, but retailers are not passing on wholesale price savings, according to the nation’s main motoring organization.
The average price for gasoline dropped to 145.48 pence ($1.97) on the last day of 2021, while diesel fell to 148.92 pence ($2.02), the RAC said on Thursday. That compares to record highs on November 22 of 147.72 pence ($2.01) and 150.96 pence ($2.05) respectively.
Consumers have been hit by global soaring energy costs last year as the world emerged from the worst of the coronavirus pandemic. But drops in wholesale prices in December have not been reflected in pump prices, according to the RAC.
Retailers are making an average of 16 pence a liter on gasoline, instead of 6 pence as usual, the group says. “The 10 pence extra retailers have added to their long-term margin of 6 pence a liter has led to petrol car drivers paying £5 million ($6.8 million) more a day than they previously would have,” according to RAC fuel spokesman Simon Williams.
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