Greedy retailers have urged not to hike fuel prices again as oil giants cut production

GREEDY retailers have been urged to resist another hike in fuel prices despite pressure from oil producers to cut production.

Motorists have been warned of a hike of up to 5p a liter after Saudi Arabia, Iraq and others decided to cut supplies to drive up wholesale costs.

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Supermarkets and gas stations have been told not to use Opec’s move to cut a million barrels a day as an excuse to hike pump prices.

Activists said they were already factoring in by not passing on the drop in fuel prices.

Petrol is 20p cheaper than November, saving £11 for a basic 55-litre family car. Diesel is down 27.5p, saving £15 per tank.

But although diesel is 3.5p cheaper wholesale, it is still 16p more expensive than petrol at the pump.

The RAC’s Simon Williams said: “Although oil prices rose $5 to $85 in one day on news of a production cut, there is no justification for large retailers to hike pump prices.

“We should see diesel being advertised at around 150p and not the current 162.5p mark.”

The AA’s Luke Bosdet said: “If fuel traders think the oil price hike is a smoke screen to hide what they are doing with diesel pump prices, they are seriously mistaken.

“The street fuel trade needs to stop timid drivers and small businesses buying diesel at pump prices.”

Howard Cox of activists FairFuelUK said the world is being blackmailed by Opec.

He said: “With uncontrolled pump pricing still reigning supreme and with Opec’s decision made, drivers can expect prices to rise again.

“The government needs to implement PumpWatch to track prices.”