J Sainsbury plc (SBRY.L)

BP and UK supermarket chains urged to cut petrol prices

Motoring organisations on Wednesday called on BP and the big four supermarkets to cut their petrol prices and provide greater help to Britons struggling with the cost of living crisis. The AA claimed BP — which unveiled its highest quarterly profits for 14 years on Tuesday — was charging “what they can get away with” at petrol stations, while the RAC accused Asda, Wm Morrison, Tesco and J Sainsbury of an “unwillingness to cut their prices to a more reasonable level”. The demand for fuel price cuts comes as the Bank of England is widely expected on Thursday to increase interest rates, possibly by half a percentage point, to curb surging inflation.