Gordon Balmer, Executive Director of the Petrol Retailers’ Association explained: “We support any sensible measures that lower prices for consumers, including continuing the 5 pence per litre cut and the fuel duty freeze, which accounts for more than 30 percent of the pump price.”
The Conservatives decided to cut fuel duty by 5 pence per litre in early 2022 and maintained this while in power.
Prime Minister Sir Keir Starmer has previously backed the fuel duty freeze but Labour failed to rule out potential increases ahead of the General Election.
Analysis from the CMA claimed that retail fuel margins were “significantly above historic levels”.
However, the PRA suggested that brands were still driven to keep prices down for cash-strapped road users.
But, the group claimed the CMA had forgotten a “range of factors” in their report.
Gordon added: “PRA members are committed to keeping pump prices as low as possible and operate in a highly competitive environment which is affected by a range of factors, including cost increases for retailers and geopolitical events.
“The CMA’s analysis does not take these complexities into account.”