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Petrol and diesel prices should be slashed, say RAC

By Tim Moynihan

There is scope to reduce petrol prices by more than 7p a litre and diesel by nearly 6p, according to the RAC.

The motoring organisation called on retailers to pass on savings in the wholesale price brought about by the continued fall in world oil prices.

"This overdue cut would reduce the biggest cost of motoring just in time for Christmas," a spokesman said.

Reductions the organisation is suggesting would bring the average price of a litre of petrol to 114p and diesel to 120p - prices last seen in March 2010. The average price of petrol stands at 120.84p with diesel at 125.43p, whereas at the start of the year petrol was 130.79p a litre and diesel was 138.24p.

In June a barrel of crude reached a 2014 high of $115.36 - yesterday it was $68.59.

RAC fuel spokesman Simon Williams said: "Retailers now have a very reasonable record on transparent pricing so we have no reason to believe that they will not pass on the savings in the wholesale price, we just urge them to do it sooner rather than later."

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