Ministers are on the verge of taking action against overpriced fuel by implementing a price comparison website. The Competition and Markets Authority (CMA) recently released a report highlighting the significant gap in fuel prices at different petrol stations. It was revealed that supermarket profit margins resulted in drivers paying an extra 6p per litre for fuel last year. Energy Secretary Grant Shapps is expected to support the creation of a new website, called ‘Pump Watch’, which would provide the public with better information and allow the government to monitor the sector. The CMA is anticipated to emphasize the discrepancy in forecourt prices in its forthcoming report. The government source also stated that they are prepared to change the law to require retailers to provide real-time price information for all petrol stations across the country. The report was expedited after a meeting between Jeremy Hunt and the regulators. The Chancellor expressed his commitment to securing a fair deal for motorists and offered his support to crack down on any unfair treatment. The inquiry into forecourt pricing was initially ordered by ministers last year amid concerns that the 5p cut in fuel duty was not being fully passed on to consumers. In December, an interim report by the CMA revealed significant variations in prices between different local areas, with higher prices found at petrol stations with few or no competitors nearby. The CMA’s recommendations included introducing legislation to create an open data scheme called Fuel Finder, enabling drivers to compare prices at different sites through apps or sat-navs. The investigation also drew attention to the fact that supermarkets tend to have the lowest prices, but warned that at least one supermarket had increased its profit margins. Additionally, it was revealed that Asda, a major supermarket retailer, was fined £60,000 for failing to provide timely information to the watchdog. Campaign group Fair Fuel UK estimated that petrol prices remain 10p per liter higher than they should be, costing motorists over £5 per typical tank of fuel. The government intends to ensure that reductions in global oil prices are passed on to consumers. Gordon Balmer, executive director at the Petrol Retailers Association (PRA), expressed support for any steps taken to help motorists find the best deal. Balmer emphasized the importance of engaging with the industry to ensure a smooth implementation of the scheme. The PRA represents 65% of independent forecourts, which are an integral part of local communities. Simon Williams, the RAC’s fuel price spokesperson, referred to the CMA’s recommendation as a significant milestone, acknowledging that drivers had lost nearly £1 billion due to increased retailer profit margins on fuel. Williams stressed the need for a fuel monitor function within the government to actively monitor wholesale prices and prevent forecourts from overcharging when the cost of purchasing fuel drops. The AA also welcomed the push for an open data fuel finder scheme, as it would encourage competition and fair pricing at the pump. They also called for the establishment of a road fuel regulator.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
