Under new amendments tabled on 15 November 2023, to the Digital Markets, Competition & Consumers Bill, the CMA will become the body responsible for closely monitoring road fuel prices and reporting any sign of malpractice to the government. Aiming to enhance market competition, it ensures customers nationwide receive a fair choice of prices when purchasing fuel.
Fuel retailers, including supermarkets, will be forced to reveal how much they’re charging customers on their forecourts versus their profits. Additionally those that fail to comply could face a fixed fine from the watchdog of up to 1% of their worldwide turnover, or an ongoing fine of up to 5% of daily turnover.
The Energy Security Secretary has warned retailers that she will not hesitate to hold them accountable. If there is evidence of unfairly raising prices and holding back savings from UK motorists, authorities will hold them accountable.
The warning follows CMA report from earlier this year revealing some supermarkets had failed to pass on oil price savings. Some supermarkets were charging drivers 6p more per litre for fuel. This which amounted to £900 million in extra costs in 2022 alone. It represents the government’s latest step in its drive to halve inflation and reduce costs for families across the country.