⛽️ Investigation finds retailers increased profit margins by charging higher prices and not reducing them as quickly when oil prices fell with drivers paying an extra 6p per litre for fuel last year
The CMA said it was also concerned that “variable pricing” patterns in local areas meant consumers in parts of the country are paying “significantly more” for fuel than others. And it slated weak price competition at motorway services where it found prices were around 20p per litre more for petrol and 15p more for diesel compared to other fuel outlets.
It pointed out that the average price of fuel fell in large parts of the UK after it published interim reports on the issue no three occasions.. The two fines of £30,000 – the maximum permitted – were for failing to respond completely to a compulsory written request for information and then sending a representative to attend a compulsory CMA interview “who was not equipped to provide evidence on certain topics the CMA had identified in advance.
“Given the importance of this market to millions of people across the UK, this needs to be backed by a new fuel monitor function that will hold the industry to account. As we transition to net zero, the case for ongoing monitoring of this critical market will grow even stronger, so we stand ready to work with the UK Government to implement these proposals as quickly as possible.”. Its fuel spokesman Simon Williams said: “This is a landmark day when it comes to fuel prices in the UK.
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