The price of gasoline reached 185.04 p.m. for the first time on Sunday, while diesel reached a record 191.03 p.m. on Saturday. Fuel prices moved relentlessly last week, putting pressure on household and business budgets. However, AA said there may be some respite for drivers. The automotive group said the wholesale price of gasoline – which has risen sharply since Russia’s invasion of Ukraine – was lower than its pre-jubilee peak for more than 10 days. AA Fuel Price spokeswoman Luke Bosdet said: “Gasoline price hikes should stop, at least temporarily, by the end of the week. There may still be some courts to pass on the recent cost increase. “If they continue to rise significantly next, it will intrigue us to hear what excuses the fuel trade has this time around. “If prices continue to rise, they will give the government further justification in its call to the Competition and Market Authority (CMA) for an investigation.” On Sunday, Business Secretary Kwasi Kwarteng called on the UK’s competition supervisor to urgently review petrol station operators amid concerns that retailers have not passed on the recent reduction in fuel tariffs. In a letter to the CMA, Kwarteng wrote that people were “justifiably disappointed” that the 5-liter drop did not stop prices from soaring to record highs in the suburbs. Gasoline retailers have been accused of speculation. Retailers argue that their profit margins are slim and that oil refineries are receiving more cuts than they did before the Ukraine war. The rising cost of diesel is also a concern for the health of the economy amid fears of a recession, as it is widely used by businesses to fill trucks and lorries. Subscribe to the daily Business Today email or follow the Guardian Business on Twitter at @BusinessDesk RAC Fuel spokesman Simon Williams called on the government to intervene to “ensure that drivers do not endure a summer of resentment at the pumps”. He added: “We hope that the persistent talk of the government about the importance of retailers to fully pass the tariff reduction at 5 p.m. March heralds an announcement of a deeper cut this week. “If that’s the case, it’s very welcome, albeit belatedly, as the 5p cut has been well and truly overcome by the events in the wholesale market since then.”
