UK gasoline prices fall to 151.98 pence, RAC urges retailers to accelerate price reductions

⑴ The average price of unleaded petrol in the UK has dropped to 151.98 pence per litre, and diesel to 168.64 pence. However, RAC pointed out that wholesale fuel costs have fallen significantly, and retailers should reduce prices faster and by a greater margin, especially for diesel. ⑵ Williams, RAC Policy Director, stated that petrol prices have decreased by 2 pence over the past week, and diesel by 4 pence. Since the peak of 159.53 pence during the Iran conflict on May 28, petrol has fallen by nearly 8 pence, while diesel has dropped 23 pence from its April 15 peak of 191.54 pence. ⑶ If retailers fully reflect the wholesale price decline, the average price of petrol could fall below 150 pence per litre, and diesel below 160 pence, in about a week. However, currently, filling a 55-litre household car tank still costs £83.59 for petrol and £92.75 for diesel, which is £10.50 and £14.40 more, respectively, than before the Iran conflict at the end of February. ⑷ Brent crude oil hovered around $73 per barrel in early trading on Monday, far below peak levels during Middle East tensions. The Competition and Markets Authority is closely monitoring whether retailers are exhibiting the "rocket and feather" effect, rapidly adjusting prices upwards but slowly following declines, to ensure wholesale cost savings are fairly passed on to consumers.