I was listening to the discussion today and it looks like there is going to be a "fuel finder" scheme set up where we can all go and get live prices wherever we are in the county, our small town has two fuel stations which are opposite each other is it a coincidence the prices are always the same and have been for years even though they are different suppliers.
The Competition and Markets Authority (CMA) said this meant drivers using supermarkets had been faced with additional costs of "around £900m".
Ministers are backing the CMA's call for a fuel finder scheme to help drivers find better live prices online.
CMA boss Sarah Cardell said "something needs to change swiftly".
She told the BBC: "We've seen retail margins increase over the last few years. And that means that motorists are paying more at the pump than they would be if competition was working really well."
Petrol and diesel prices spiked to record highs in the immediate aftermath of Russia's invasion of Ukraine but have dropped significantly since then.
The CMA has been investigating the UK fuel market amid concerns that falling wholesale prices are not being passed on to consumers.
According to the watchdog, supermarkets were usually the cheapest place for fuel but competition was "not working as well as it should be".
It found that:
Asda - which was separately fined £60,000 by the CMA for failing to provide information in a timely manner to the investigation - said it was still the cheapest traditional supermarket for fuel.
Morrisons said its pricing was "extremely competitive" and while margins had increased they "remain very low".
At present, retailers only provide price information at petrol stations themselves, making it hard to compare rates.
The government said the law would be changed to force fuel retailers to share information. A new "fuel monitor" oversight body will also be set up to scrutinise prices.
Grant Shapps, the Energy Security Secretary, said the changes would "shine a light on rip-off retailers to drive down prices".
But the AA said it had been calling for this type of price tracking more than a decade, when it first investigated similar schemes in Austria and Denmark.
"Sadly, it has taken more than 15 years for a government and competition watchdog to recognise this and do something about it," said spokesman Luke Bodset.
However, he said access to live pricing would be a "huge leap forward" and needs to be in place by the end of the year.
"Drivers will be drawn to the cheaper fuel stations and that will pressure other forecourts to bring down their prices, thus stimulating the level of competition that has been missing for the past three years."
As of Monday, unleaded petrol costs on average 143.86p per litre while diesel costs 145.54p, according to RAC data.
That is down sharply from the record highs seen last July, but still above pre-pandemic trends.
The CMA is also investigating complaints that supermarkets are not passing on falling food prices to consumers.
It comes as food price inflation on items like bread, cereal and chocolate remains close to a 45-year high, at 18.3%.
Supermarkets deny profiteering, telling MPs last week the industry is "the most competitive we have ever been".
BBC News.
Drivers paid an extra 6p per litre for fuel at supermarkets last year as weak competition allowed stores to push up profit margins, a watchdog says.The Competition and Markets Authority (CMA) said this meant drivers using supermarkets had been faced with additional costs of "around £900m".
Ministers are backing the CMA's call for a fuel finder scheme to help drivers find better live prices online.
CMA boss Sarah Cardell said "something needs to change swiftly".
She told the BBC: "We've seen retail margins increase over the last few years. And that means that motorists are paying more at the pump than they would be if competition was working really well."
Petrol and diesel prices spiked to record highs in the immediate aftermath of Russia's invasion of Ukraine but have dropped significantly since then.
The CMA has been investigating the UK fuel market amid concerns that falling wholesale prices are not being passed on to consumers.
According to the watchdog, supermarkets were usually the cheapest place for fuel but competition was "not working as well as it should be".
It found that:
- average annual supermarket margins on fuel had increased by 6p per litre between 2019 and 2022
- Morrisons' and Asda's targeted fuel margins for 2023 had doubled and tripled respectively since 2019
- Sainsbury's and Tesco had followed suit and raised their prices, suggesting competition had "weakened"
- increased margins on diesel across all retailers had cost drivers an extra 13p per litre from January 2023 to the end of May 2023
Asda - which was separately fined £60,000 by the CMA for failing to provide information in a timely manner to the investigation - said it was still the cheapest traditional supermarket for fuel.
Morrisons said its pricing was "extremely competitive" and while margins had increased they "remain very low".
'Rip-off retailers'
The government is backing the CMA's call for a "fuel finder" scheme which will enable drivers access to live, station-by-station fuel prices on their phones or satnavs.At present, retailers only provide price information at petrol stations themselves, making it hard to compare rates.
The government said the law would be changed to force fuel retailers to share information. A new "fuel monitor" oversight body will also be set up to scrutinise prices.
Grant Shapps, the Energy Security Secretary, said the changes would "shine a light on rip-off retailers to drive down prices".
But the AA said it had been calling for this type of price tracking more than a decade, when it first investigated similar schemes in Austria and Denmark.
"Sadly, it has taken more than 15 years for a government and competition watchdog to recognise this and do something about it," said spokesman Luke Bodset.
However, he said access to live pricing would be a "huge leap forward" and needs to be in place by the end of the year.
"Drivers will be drawn to the cheaper fuel stations and that will pressure other forecourts to bring down their prices, thus stimulating the level of competition that has been missing for the past three years."
As of Monday, unleaded petrol costs on average 143.86p per litre while diesel costs 145.54p, according to RAC data.
That is down sharply from the record highs seen last July, but still above pre-pandemic trends.
The CMA is also investigating complaints that supermarkets are not passing on falling food prices to consumers.
It comes as food price inflation on items like bread, cereal and chocolate remains close to a 45-year high, at 18.3%.
Supermarkets deny profiteering, telling MPs last week the industry is "the most competitive we have ever been".
BBC News.
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