The RAC is calling on the Competition and Markets Authority (CMA) to delay publishing the findings of its investigation into fuel pricing to consider the current state of the market.

Despite wholesale prices falling, petrol and diesel prices have remained at record highs, with the motoring organisation suggesting petrol should be 183p a litre as opposed to the current average of 191p, while the average price of diesel should be at least 5p per litre cheaper at 194p instead of 199p.

RAC fuel spokesman Simon Williams said: “Astonishingly, despite yet another day of plunging wholesale prices, average fuel prices on Wednesday remained at near record highs.

“The biggest retailers’ refusal to cut prices is now beyond belief.”

The Government asked the CMA to investigate fuel retailers last month, to see why a 5p duty cut is not being seen at the pumps and consider price variations between filling stations.  

“The Competition and Markets Authority should really consider further delaying publishing their report as this period of time is one of the best examples of how retailers put off cutting prices in a rapidly falling market to the detriment of the nation’s drivers,” added Williams.

“We can only hope that the supermarkets are at the point of announcing their biggest price cut in history. We remain ready to be surprised.”

The average price of a litre of diesel increased by 15.62p in June, ending the month at 199.05p, while the average cost of petrol rose by 16.59p, according to the RAC. 

In a month that saw forecourt petrol prices rise every single day to yet more historic highs, the cost of a litre of petrol went from 174.84p to 191.43p.

To put things in perspective, average unleaded prices are now 26.84p per litre higher than they were the day after March’s fuel duty cut was announced (164.59p on March 24), making the cost of a full tank nearly £15 (£14.77) more expensive.

The average cost of a litre of diesel is almost 21p (20.92p) more than it was on March 24 (up from 178.13p), resulting in a fill-up costing £11.51 more than it did back then.

Weekly wholesale costs paid by retailers have been dropping for five straight weeks – yet these reductions aren’t being reflected at the pumps.

This, the RAC estimates, means that on average retailers are now taking in the region of 12p per litre in margin, nearly double their long-term average of around 6p.