The RAC says the current petrol price is too high.

The motoring organisation is urging retailers to pass on recent falls in the wholesale cost of petrol.

According to the BBC, the RAC says there is “no good reason” for the skyrocketing prices and suggests petrol retailers should cut forecourt prices by 2p a litre.

But a fuel retailers association said wholesale price and dollar volatility had added to pressures on independent petrol stations.  

Retailer giant Asda was the first to cut fuel prices following the RAC’s claim.

The supermarket said it had reduced the price of unleaded by up to 3p per litre and diesel by up to 2p.

The new national price cap means drivers will pay no more than £1.25p per litre for unleaded, £1.28p for diesel at its 318 filling stations.

In May 2018, the BBC wrote that petrol prices rose by 6p a litre – the biggest monthly increase since the RAC began tracking prices 18 years ago.

According to the RAC, it was a “punitive combination” of higher crude oil prices and a weaker pound that was to blame for the surge in prices.

Average prices hit 129.4p a litre, while average diesel prices increased by 6p to 132.3p a litre.

The RAC says fuel prices have risen almost daily since the end of April, despite wholesale costs coming down by around 2.5p per litre since May 24.

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