Aug 3, 2022
BP and UK supermarket chains urged to cut petrol prices
Motoring organisations on Wednesday called on BP and the big four supermarkets to cut their petrol prices and provide greater help to Britons struggling with the cost of living crisis. The AA claimed BP - which unveiled its highest quarterly profits for 14 years on Tuesday - was charging "What they can get away with" at petrol stations, while the RAC accused Asda, Wm Morrison, Tesco and J Sainsbury of an "Unwillingness to cut their prices to a more reasonable level". The RAC said wholesale petrol costs had fallen by 20p a litre since early June, following a drop in the value of crude oil, yet the average price paid for unleaded fuel by drivers had only decreased by 9p. Edmund King, AA president, said BP - which announced underlying earnings of $8.5bn for the second quarter - should use its profits to lower fuel prices, in a move that would trigger wider cuts on forecourts. The UK average was 188.43p. "If BP was more proactive in their pricing, it would mean that Shell and the others would follow suit, it would bring prices down, it would make them more competitive," added King. Supermarket executives insisted they bought their fuel further in advance than smaller independent forecourts so it took them longer to pass on both reductions - and increases - in wholesale prices.
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