CMA accuses fuel retailers of overcharging
The Competition and Markets Authority (CMA) has accused fuel retailers of continuing to overcharge customers at the pumps.
It said that increases in retail fuel margins cost drivers over £1.6bn in 2023, with a lack of competition in the sector having a negative impact on prices.
Its third interim monitoring update found that retailers’ fuel margins remain at historic levels, with supermarkets’ fuel margins roughly double what they were in 2019. This, says the CMA, added £1.6bn to the fuel bill for UK motorists last year alone.
The CMA is now arguing for a ‘data-driven fuel finder scheme’ to provide drivers with a real-time snapshot of fuel prices near them, which it believes could save up to £4.50 every time motorists fill up.
CMA accuses fuel retailers
In the interim, it has created a temporary price data-sharing scheme but this only covers 40% of fuel retail sites
Sarah Cardell, chief executive of the CMA, said:
“Last year we found that competition in the road fuel market was failing consumers, and published proposals that would revitalise competition amongst fuel retailers. One year on and drivers are still paying too much. We want to work with government to put in place our recommendation of a real-time fuel finder scheme to kick-start competition among retailers. This will put the power in the hands of drivers who can compare fuel prices wherever they are, sparking greater competition.”
