Watchdogs to fast-track data gathering – as Labour’s new cost of living tsar calls for emergency meeting to prevent rip-off tactics
Fuel forecourts have been ordered to fast-track the handing over of key pricing data amid claims of “profiteering”.
The Competition and Markets Authority announced it was asking thousands of garages to supply up-to-date information on fuel margins – how much they make from selling petrol and diesel. Juliette Enser, executive director for markets at the CMA, said: “Whilst price increases might be inevitable because of rising wholesale costs, it is important that those increases reflect genuine cost pressures. We will be closely scrutinising and reporting on what’s happening with fuel prices and call out any concerning behaviour.”
Latest data from the RAC revealed the nationwide average for unleaded has reached 140.15p per litre, up more than 7p since before the war began. Diesel has risen even faster, surging nearly 16p a litre to 158.23p.
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RAC head of policy Simon Williams said: “Drivers tell us the cost of motoring is a major concern, and fuel is a huge contributor to that, so making sure they’re paying a fair price at the pumps is essential. For that reason, we welcome the competition watchdog’s scrutiny of what’s happening on forecourts across the country.
“RAC Fuel Watch data shows average prices have rocketed in under two weeks with the average price of petrol increasing by 7p to 140p a litre and diesel by 16p to 158p. This has added £4 and £8 to the cost of filling up a family car. “
Howard Cox, founder of the group FairFuelUK, recently warned against the risk of “opportunistic profiteering”. It came as Energy Secretary Ed Miliband met with energy suppliers and business leaders to discuss ongoing events in the Middle East.
“Tackling the cost of living crisis is our number one priority,” said Mr Miliband afterwards. “That’s why we took action at the Budget, and the price cap is coming down in April as a result. I know many people will still be concerned by the impact of events in the Middle East. Today I met with executives from across the energy market to discuss these issues. The government will keep working with the sector closely in the coming weeks and months.”
The government’s new cost of living tsar has urged the government to hold weekly Cobra-style emergency meetings to ensure households are not being ripped-off amid the Middle East conflict. Lord Richard Walker, boss of frozen food chain Iceland, revealed he had discussed the idea with Number 10 and it was being considered.
Delivering his maiden speech in the House of Lords, he raised the idea of a weekly “committee of regulators” in times of economic turmoil. “Part of my role is to come up with ideas that might not be straightforward or easy but are really important and provoke discussion,” Lord Walker told the Mirror. “It is almost a challenge back to Number 10 and the relevant departments.”
He said in France, the authorities are putting in mandatory inspections at petrol station forecourts to ensure there is no “price gouging” taking place. He questioned why pump prices had risen so much in such a short space of time: “Their (forecourts) stocks were bought weeks ago, so how’s that work? If that’s not profiteering, I don’t know what it.
“What we might need is an emergency package to make sure that everyone is behaving fairly.”
