London: Britain’s competition regulator revealed on Friday that UK drivers continue to face excessive road fuel prices, with increased retail fuel margins costing them over £1.6 billion ($2.1 billion) in 2023. The Competition and Markets Authority (CMA) reported that competition weaknesses in the fuel sector persist, with margins remaining “significantly above historic levels.”
The CMA’s analysis highlighted that supermarkets’ fuel margins are now approximately double their levels from 2019. This report supports findings from a 2023 CMA review, which recommended reforms to enhance competition by improving consumer access to pricing information.
Also Read | ECB Cybersecurity Test Reveals Banks Need Improvements
“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,” said CMA Chief Executive Sarah Cardell.
Also Read | China and Japan’s Relations Reach a ‘Critical Stage’ Amidst Tensions
The CMA’s analysis was based on a voluntary price-sharing system covering only 40% of fuel retail sites, which it deemed insufficient to effectively assist consumers and influence competition. The regulator noted that proposed legislation by the new Labour government could lay the groundwork for a comprehensive and mandatory price-sharing scheme, though implementation would require time.
