Competition and Markets Authority analysis finds evidence of “rocket and feather” pricing for fuel during 2022
in the UK has found evidence that retailers engaged in “rocket and feather” pricing during 2022.
This was especially evident for diesel: a significant proportion of Europe’s supply typically comes from Russia, so its wholesale price rose disproportionately during 2022. These findings coincided with an increase in retailers’ profits, said the CMA. However, it noted that further investigation is required to determine whether this was linked to the “rocket and feather” pricing, or whether it was coincidental.However, the RAC disagrees with this aspect of the CMA’s findings.
“The wholesale price of petrol has fallen from 130p a litre at the beginning of October to 109p yesterday – a drop of 21p. Meanwhile, the average price of unleaded at the end of October peaked at 166.88p but has to date only fallen 8p to 158.91p. Even accounting for the accepted lag for cheaper wholesale prices to filter through to forecourts, this is too slow, particularly as the biggest retailers buy new stock so often.
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