Motorists could see fuel prices fall by £10 per tank over next two weeks due to a reduction in the wholesale barrel price, according to the AA.
But the reduction is contingent in the drop in the wholesale price being passed onto drivers.
Brent Crude oil is $102.3 per barrel today, in April it was around $125 per barrel.
The AA’s fuel price spokesman, Luke Bosdet, said: “Wholesale petrol’s trajectory, if sustained, would lead to savings of a tenner off a tank from the record highs, providing the fuel trade is prepared to pass them on.
“The problem is that, in many places, the price cuts are quite simply not happening despite more than six weeks of falling costs.”
‘Beautiful chance’
Speaking on Tuesday’s BBC Radio Scotland Good Morning Scotland programme the founder of Fair Fuel UK, Howard Cox said he doubted the savings would be passed on to customers.
AA predict pump prices will fall 10p per litre in the next week or so. Please let us know at @FairFuelUK if you see this happening. It should have fallen 20p by now had #pumpwatch been in placehttps://t.co/Zn9PDXZkiT
— Howard Cox (@HowardCCox) July 19, 2022
Mr Cox said: “I agree with the beautiful chance of it going down.
“Oil fell 19% from the beginning of June until now in Sterling, wholesale petrol fell by 15%. But retail petrol went up by 9%.
‘Not passed on’
“We have been seeing incredibly good falls in prices and they have not been passed on to any driver in the country.”
A petrol station on Lewis said it had lowered its fuel by 15p in the last six weeks.
Mr Cox said people were going into garages and the price of fuel was going up in front of their eyes.
He said: “How can this be happening when there is no bulk fuel delivery? We are being ripped off at the pumps and continually ripped off.
“The new prime minister, the new Tory leader, must get on top of this. I have been working quite closely with one of two of them and I think we will see a move when they are appointed.”
He said: “The wholesale barrel price is never passed on. I believe there is racketeering, collusion and opportunistic profiteering going on.
“I think there are speculators gambling on the volatility and using it to make huge profits.”
Fuel prices
The AA have outlined the highs and lows in fuel prices in national and regional petrol prices.
Petrol
Highest – The south east of England has recorded the highest price for unleaded at 189.3 p/litre.
Lowest – The north east of England has recorded the lowest price for unleaded at 187.6 p/litre.
Diesel
Highest – London has recorded the highest diesel price at 197.3 p/litre.
Lowest – Northern Ireland has the cheapest diesel at 194.1 p/litre.
Supermarkets
Supermarket prices for unleaded now average 185.9 p/litre.
The gap between supermarket prices and the UK average for unleaded has shrunk to 2.9 p/litre.
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