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The average price of petrol at UK filling stations fell by 6.69p per litre in September, the sixth-biggest monthly drop since 2000, according to RAC data.
However, the motoring organisation said this drop, to 162.89p per litre, should have been around 10p greater, to better reflect the wholesale price of the fuel.
The RAC previously said that August's drop in petrol prices had been about 9p less than what should have been expected.
The average litre of diesel fell by 3.5p in September, to 180.16p.
RAC spokesman Simon Williams said: "Despite September seeing the sixth biggest ever drop in the price of petrol drivers really should have seen a far bigger drop as the wholesale price of delivered petrol was around 120p for the whole month. This means forecourts across the country should have been displaying prices around 152p given the long-term margin on unleaded is 7p a litre.
"In stark contrast to this RAC Fuel Watch data has shown margins to be around 17p a litre - a huge 10p more than normal. And the average price of petrol at the big four supermarkets is only 1.5p lower than the UK average - less than half what it usually is which points heavily to them not playing fair with drivers.
"And despite the plunge in the value of the pound the fact oil is trading under $90 a barrel should lead to better prices at the pumps if only more retailers would pass on the savings they're currently getting every time they buy new stock."
Williams added that the current weakness of the pound against the dollar created the potential for things to change quickly.
He said: "Having just dropped to a record low against the dollar and still only trading at $1.1, all we would need is for the price of oil to start rising to cause both petrol and diesel prices to rapidly start going back up again.
"With oil producer group OPEC and its allies meeting today much will depend on how big their expected production cut turns out to be. But it goes without saying that any further output restriction will not be good for drivers as it will inevitably - as intended - push up the barrel price, ultimately making fuel more expensive."
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