November may have seen the largest petrol price drop in four years but retailers have still not cut prices back enough. So says the RAC as its latest Fuel Watch data shows petrol prices should still fall by around 7p and 10p for diesel to fairly reflect current wholesale savings.

Asda has been praised for consistently cutting unleaded prices in recent weeks

The organisation’s figures show unleaded fell from 130.61p to 125.43p (down 5.18p) in November and diesel dropped 2.5p from 136.93p to 134.42p. This meant that petrol at the end of November was back to a price last seen in mid-May whereas diesel went back to its end of September level.

However, the RAC said average prices should still fall considerably over the course of the next fortnight if retailers play fair.

Fuel spokesperson Simon Williams commented: “In the last six years we haven’t seen retailers take this much margin from selling a litre of petrol over such a protracted length of time. Wholesale unleaded began falling from mid-October but retailers were reluctant to reflect this on the forecourt despite the RAC highlighting the issue on numerous occasions. For some time prior to this we had been happy to praise retailers for passing on wholesale savings on the forecourt and say there was little evidence of ‘rocket and feather’ pricing. Now, however, there is very clear proof that many retailers are operating ‘rocket and feather’ policies.”