Fuel prices have fallen twice as fast as normal just weeks after a report warned petrol stations they were ripping off motorists.

It took a month for prices to fall 3.5p from October 8, but following the publication of a Competition and Markets Authorities (CMA) report, they fell 3.75p in just a fortnight.

The report, released on November 8, accused retailers of failing to pass savings on to customers.

But despite the price dropping at double speed, the RAC says retailers are still ripping off motorists.

The AA, which carried out the analysis for the CMA reports, says it's "amazing what happens when the competition watchdog gives the fuel trade a good prod".

"Pump prices fall at twice the speed and £2 comes off the cost of a tank of petrol within a fortnight."

The UK's four fuel-selling supermarkets (Asda, Morrisons, Sainsbury's and Tesco) have since agreed to sell daily price data.

FTSE 100

The UK's flagship share index, the FTSE100, was down 18-points at 7,469 shortly after opening this morning.

Meanwhile, Brent crude futures were down 0.82% at $79.92 a barrel this morning.

Companies reporting today

JLEN Environmental Assets Group - Half year results

More like this…

View all