Drivers across the UK could be given ‘30 minute warnings’ over petrol and diesel prices under a new scheme following a change in the law.
Breakdown experts at the RAC have warned drivers they are still paying ‘excessively high’ prices on petrol and diesel, with 14p retailer margins on petrol on average and 16p on diesel. Before the pandemic, the margins were just 3p and 8p, so retailers are making a lot more money on fuel sales than before.
The average price of petrol is 146.28p in the UK right now, and diesel is 151.5p.
The RAC is now calling on the party which wins the General Election to set up a new scheme following a law change which should result in lower prices.
RAC head of policy Simon Williams said: “Whichever party, or parties, form the next government, it’s essential they ensure the new Pumpwatch scheme, which became law just before the election, is set up as quickly as possible. This will compel every retailer to submit their prices to the official body within half an hour of changing them so they can be used in apps, such as the myRAC fuel finder, to help drivers find the cheapest fuel near them. It is hoped this will spark greater competition among retailers.
“The RAC, however, believes the second element of the scheme – the creation of a price monitoring body – is even more important so long as the CMA has sufficient powers to hold retailers, who don’t treat customers fairly, to account.
“We hope that the CMA is aware of what is going on and will use this to bring retailers into line as soon as it’s able to – something which is so desperately needed given drivers in Northern Ireland are paying so much less for the very same fuel. It’s important to realise that the big four supermarkets have a far smaller presence there than on the other side of the Irish Sea as they only operate around 6% of the Northern Ireland’s 580 forecourts. This compares to supermarkets running a fifth of the UK’s 8,300 forecourts.”