Asda, the leading supermarket giant, has taken a significant step towards transparency and customer convenience by becoming the first fuel retailer to publish daily local petrol and diesel prices online. This move comes in response to increasing pressure from the Government and regulators. Asda has announced that the prices of fuel at each of its 320 filling stations across the UK will now be easily accessible on its website’s store locator section.
To provide customers with the most up-to-date information, the website will display the previous day’s closing price at 10.30am every morning. Additionally, Asda is actively working on developing a system that will eventually show real-time prices within the next few months.
This new initiative will greatly benefit motorists, as they can now easily find the most cost-effective locations to refuel near their residence or along their planned route. Asda’s commitment extends beyond sharing its own prices online; it’s collaborating with the Government to create an industry-wide fuel finder scheme. Ultimately, this endeavor aims to simplify the process of identifying the most affordable places to refuel and, ideally, incentivize retailers to offer more competitive prices.
A spokesperson for Asda emphasized the company’s dedication to providing the best value to customers. By sharing fuel prices online, customers can make informed decisions and find the most economical options before embarking on their journeys.
However, some skepticism remains regarding the impact of this initiative. Simon Williams, RAC fuel spokesman, asserted that while it’s positive to see supermarkets publishing pump prices online, it’s unlikely that this alone will result in fairer pricing. Williams highlighted the availability of free mobile apps like ‘myRAC,’ which can compare prices from all fuel retailers, both large and small, across the country.
It’s worth noting that PetrolPrices.com, a fuel price comparison website, disputes Asda’s claim of being the first retailer to publish fuel prices online. According to the website, Asda had previously done so but discontinued the service a couple of years ago, around the time of the Issa brothers’ acquisition in 2021.
The Competition and Markets Authority (CMA) conducted a thorough investigation into the fuel retail sector, concluding that retailers, particularly supermarkets, had been increasing prices more than necessary to boost their profit margins. This was particularly evident with diesel prices, which remained artificially high compared to lower wholesale prices. The CMA attributed this to a lack of competition in the market.
Regulators are currently investigating Asda’s acquisition of a petrol station operator, expressing concerns that it may result in higher fuel prices. RAC Fuel Watch data supports these concerns, revealing that the four major supermarkets, which dominate the fuel retailing sector, have been slow to pass on wholesale cost reductions, especially for diesel.
According to Mr. Williams, the key to addressing these issues is real competition in the market. He highlighted the substantial price difference in Northern Ireland, where fuel costs over 4p per litre less than the rest of the UK. To bring about real change, he believes an official price monitoring body, capable of imposing fines on companies that fail to reflect significant downward movements in wholesale prices on forecourts, is necessary.
In conclusion, Asda’s decision to share daily petrol and diesel prices online marks a positive step towards increased transparency and convenience for customers. By making this information readily available, Asda aims to empower motorists to make informed choices and find the best deals. However, the effectiveness of this initiative in driving fairer pricing remains uncertain, and regulatory bodies continue to investigate the fuel retail sector for potential anti-competitive practices.
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