Petrol prices: Supermarkets told to slash cost of fuel as watchdog finds customers are being ripped off
Supermarkets are being told to cut petrol prices after a report by a competition watchdog found customers are being ripped off.
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The regulator will publish a report next week exposing how forecourts have increased their profit margins on petrol and diesel over the last four years. Following a meeting with chancellor Jeremy Hunt, The Competition and Markets Authority (CMA) announced the review of fuel pricing will be published on Monday.
The CMA is expected to name and shame supermarkets over petrol profit margins in the review next week. Supermarket pump prices are on average 5p per litre higher than they would have been if margins had remained at 2019 levels.
The competition watchdog will also produce a report on the grocery shopping market next month, as well as providing information on the housebuilding industry and private rental market over the summer. Mr Hunt held talks with the CMA and the regulators for the energy, water and communications sectors to look at what powers they can use to help lower prices amid accusations firms are profiteering from price hikes.
Following his meeting with regulators, Mr Hunt said they would act urgently to help consumers and he would keep a "watchful eye" on firms’ activities. He said:"I am pleased we’ve secured agreement with the regulators to act urgently in areas where consumers need most support to ensure they are treated fairly.
"We are working hard to halve inflation this year and return to the 2% target. Businesses must play their part too and I will keep a watchful eye on the progress they make."