The Competition and Markets Authority (CMA) provided an update on its fuel market monitoring, stating that the cost to all drivers of the previously noted increase in retail fuel margins since 2019 was more than £1.6 billion in 2023 alone.
The watchdog discovered last year that drivers had overpaid at supermarket fuel locations alone by £900 million in 2022.
The CMA also declared that it will provide independent updates on its work pertaining to supermarket loyalty programs and the price of baby formula in the fall.
Furthermore, despite widespread suggestions from consumer groups, there was little proof that the loyalty prices offered by supermarkets were deceiving customers.
Although it hasn’t caught up yet, the regulator’s fuel pricing analysis has led to actions meant to increase competition.
The CMA stated that in order to empower customers to make knowledgeable decisions at the gas pump, it was in favor of ongoing attempts to establish a mandatory gasoline price monitoring system.
The CMA stated that just 40% of service stations were covered by its temporary price data-sharing program, even as the new administration moves forward with preparations for Pumpwatch.
It acknowledged that it was insufficiently comprehensive to be used by sat-navs or map apps to provide users with precise, up-to-date information.
Following long-standing accusations of fuel profiteering by driving groups, the agency released its third monitoring report.
