Retail fuel giant BP UK supermarket chains have urged to cut petrol prices.
The financial times AA reported that BP, which unveiled its highest quarterly profit in 14 years on Tuesday, was charging “what they can get” at gas stations.
The paper also notes that RAC Limited (a British car service company) has accused supermarket chains Asda, Wm Morrison, Tesco and J Sainsbury of “not wanting to bring their prices down to a more reasonable level”.
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The demand for fuel price cuts comes as the Bank of England is widely expected on Thursday to raise interest rates, perhaps by half a percentage point, to curb rising inflation.
The Resolution Foundation Think-tank said consumer price inflation was “reasonable” and could reach 15 percent in the first quarter of next year, in part due to higher fuel prices.
Automakers are concerned that fuel retailers are not fully conveying the recent drop in wholesale prices to their front-garage customers.
Boris Johnson under pressure
Meanwhile, the Prime Minister of the United Kingdom Boris Johnson He has sought to reset his embattled leadership with a pledge to tackle Britain’s cost of living crisis, including controversial new measures to boost home ownership.
France Press agency Reports suggest Johnson is under pressure to turn the page on a string of scandals including lockdown-busting parties in Downing Street.
In a speech in Blackpool, northwest England, Johnson promised new reforms to “help people cut costs in every area of household expenditure – from food to energy to childcare to transport and housing”.
“This government stands with the British people in dealing with these pressures.”
The scale of the inflationary crisis afflicting millions of Britons has been underlined as the filling price of the average family car exceeded 100 pounds (R 2040) for the first time, according to the RAC group of cars.
RAC spokesman Simon Williams called it a “really dark day” for stressed drivers, and urged the government to cut sales tax on petrol and diesel.
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