Supermarkets Hiked Fuel Prices, Costing UK Motorists Nearly £1 Billion, Regulator Finds
- Average supermarket fuel margins rose by 6p per litre between 2019 and 2022, resulting in an estimated additional cost of £900 million for customers of Asda, Tesco, Sainsbury's, and Morrisons.
- Margins on diesel across all fuel retailers increased, costing drivers an extra 13p per litre in the first five months of this year.
- The UK government plans to introduce a new law requiring fuel retailers to provide up-to-date pricing information to third parties, potentially leading to the creation of price comparison apps and websites.
- The government will grant new powers to a public organization to monitor pump prices and alert ministers if intervention is necessary.
- Asda was fined £60,000 for failing to provide relevant information in a timely manner, and the CMA emphasized the need to reignite competition among fuel retailers.