Petrol and diesel prices are finally dropping below, with many experts saying it would provide much-needed relief for drivers who had been dealing with the rising cost of motoring.
The Competitions and Markets Authority released an update to its investigation into petrol and diesel prices earlier this month, finding that most of the fuel cost rises were because of the Russian invasion of Ukraine.
Despite this, it took aim at major retailers for not passing on any savings to the drivers, who were feeling the pressure at the pumps for months.
It found that the higher prices drivers are paying at the pumps appear in part to reflect some weakening of competition in the road fuel retail market.
Howard Cox, founder of the FairFuelUK campaign, spoke to Express.co.uk about fuel prices in the UK and the impact of the CMA market report.
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He said: “It’s unmistakable for everyone and every business that drives, crippling high pump prices have been dishonestly manipulated for decades and even more so, using lockdown and the Ukraine conflict as the smokescreen to rip off motorists.
“But it seems the CMA have at last received the message that chronic fuel supply chain profiteering has indeed been rife.”
According to RAC Fuel Watch, both petrol and diesel prices should continue to fall in the near future.
The UK average for petrol standards at 143.35p and 140.76p at supermarkets, while diesel has fallen below 150p, down to 148.92p and 144.67p at supermarket filling stations.
Unsurprisingly, motorway filling station averages remain far higher, with petrol setting drivers back £1.65 a litre and diesel selling for £1.73.
The wholesale costs of fuel have generally been falling, with the value of diesel dropping below petrol in March, although not everyone has been passing on the savings to drivers.
Mr Cox added: “I am delighted, that for once and even though it has taken so long to sink in, they are now showing some real teeth and demanding answers in future formal interviews with fuel supply chain bosses.
“The next stage will be even more welcome, if the CMA recommends the implementation of PumpWatch to truly make pump pricing fair, honest and transparent.”
Howard Cox also highlighted how one major supermarket and filling station chain had “betrayed their customers and inflated forecourt prices massively”.
The CMA report identified “one supermarket”, which is not named, as not changing its approach and going for profits, despite the impact it continues to have on drivers.
Mr Cox is also running for London Mayor and has pledged to not only roll back the extension of the ULEZ in August, but scrap the entire scheme.
He added that he had received thousands of emails about Low Traffic Neighbourhoods, cycle lanes and speed limits.
