BP and UK supermarkets urged to cut petrol prices

Fuel distribution giant BP and UK supermarket chains have been told to cut petrol prices.

The FinancialTimes reported the AA claimed that BP, which on Tuesday showed its highest quarterly profit in 14 years, was charging “whatever they can get away with” at gas stations.

The newspaper also reports that RAC Limited (a UK car services company) has accused supermarket chains Asda, Wm Morrison, Tesco and J Sainsbury of “unwillingness to reduce their prices to a more reasonable level”.

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The demand for fuel price cuts comes as the Bank of England is expected to raise interest rates on Thursday, perhaps by half a percentage point, to curb soaring inflation.

The Resolution Foundation think tank said it was ‘plausible’ that consumer price inflation could hit 15% in the first quarter of next year, in part due to rising fuel prices .

Motoring organizations are concerned that fuel retailers may not fully pass on the recent wholesale price cuts to their garage customers.

Boris Johnson under pressure

Meanwhile, the British Prime Minister Boris Johnson sought to reset his beleaguered leadership with vows to tackle Britain’s cost of living crisis, including controversial new measures to boost home ownership.

AFP reports that Johnson is under pressure to move on from a series of scandals, including lockdown-breaking parties in Downing Street.

In a speech in Blackpool, northwest England, Johnson promised further reforms “to help people cut costs across all areas of household spending – from food to energy to through childcare, transport and housing”.

“This government is on the side of the British public in dealing with these pressures.”

The scale of the inflationary crisis hitting millions of Britons has been underlined as the price of a full tank of an average family car topped £100 (R2,040) for the first time, according to motoring group RAC.

RAC spokesman Simon Williams called it a “really dark day” for drivers in a hurry and urged the government to cut sales taxes on petrol and diesel.

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