Motorists still ‘paying too much’ for fuel says watchdog

Residents and visitors in Newtown continue to feel the pinch at the pump as the Competition and Markets Authority (CMA) reveals that fuel retailers are charging significantly above historic levels, leaving consumers to foot the bill.

The CMA's latest findings point to a troubling trend in the fuel market, where margins remain high, costing drivers more than £1.6 billion in 2023 alone. Supermarkets, in particular, are singled out for doubling their fuel margins since 2019, resulting in motorists feeling "ripped off," according to the RAC motoring group.

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Simon Williams, head of policy at the RAC, expressed outrage at the situation, stating, "To see that drivers have paid £1.6 billion more than they should have in the last year is nothing short of outrageous, especially when so many are dependent on their vehicles."

Calls for Government Intervention

The CMA is urging the Government to implement a compulsory scheme that would require fuel retailers to share price information, enabling motorists to compare prices easily. The CMA's chief executive, Sarah Cardell, emphasized the need for a real-time fuel finder scheme to foster competition among retailers and empower drivers to make informed choices. She stated, "Last year we found that competition in the road fuel market was failing consumers, and published proposals that would revitalize competition among fuel retailers. One year on and drivers are still paying too much."

Prices in Newtown

[nw-fuel]

Smart Data Solution

The CMA's proposed smart data, real-time fuel finder scheme could potentially save motorists up to £4.50 on each refueling, making it easier to locate cheaper forecourts. The introduction of the Digital Information and Smart Data Bill by the Government is seen as a step in the right direction to establish a comprehensive and compulsory scheme to benefit drivers.

The CMA acknowledges the legislative process may take time and is encouraging the Government to introduce an interim voluntary scheme to provide drivers with quicker access to fuel prices through everyday apps, paving the way for increased competition and consumer savings.

All About Newtown is already signed up to the interim scheme, providing fuel prices to local residents in an easy place.