Chancellor Rachel Reeves and Energy Secretary Ed Miliband will meet fuel industry bosses for Downing Street roundtable in wake of the Middle East fall-out which has seen fuel costs soar
Rachel Reeves will tell fuel firms the government “not tolerate” profiteering when she meets bosses at Downing Street.
The Chancellor, along with Energy Secretary Ed Miliband, will hammer home the message to petrol retailers and energy suppliers. It comes after Ms Reeves asked the Competition and Markets Authority to crack down on any rip‑offs on road fuel and heating oil. The firms have been hauled in amid concerns about the scale of price hikes in the wake of the Middle East conflict.
Petrol and diesel prices have risen sharply, causing fresh misery for motorists. And the price of heating oil has doubled, with households in rural areas among those left reeling.
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Mr Reeves will attend a Downing Street roundtable on Friday evening, where petrol retailers and energy suppliers will be pressed on what they are doing to keep prices down – and what more they can do to ensure changes in costs are passed on fairly. She said: “I will not tolerate any company exploiting the current situation to make excess profits at consumers’ expense. I’m backing drivers and families – and I expect a fair deal at the pump.”
Mr Miliband said: “Tackling the cost of living is our number one priority – all fuel retailers must sign up for Fuel Finder so drivers can find the cheapest price at the pump. We will not hesitate to act to protect consumers against any unfair practices.”
Mr Miliband met with the chief executive of the CMA on Tuesday this week to discuss ensuring consumers were protected from any unfair price rises. The CMA has since announced it is 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.
The government says it is accelerating its Fuel Finder scheme, which is designed to make it easier for motorists to see the cheapest forecourts locally. All major supermarkets have confirmed they are now providing real-time data, with almost 90% of retailers already registered, and government taking action on the final 10%.
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.”
