Drivers buying petrol this month could notice the effect of a law change which could end up saving money at the pumps.
The government has in the past week put into force a new law which gives them power to monitor price gouging and abuses on petrol and diesel forecourts specifically.
It comes as breakdown experts at the RAC noted that the UK has the highest diesel prices in Europe and some of the highest petrol prices too.
It is hoped that the new law, the Digital Markets, Competition and Consumers Act, could lead to prices dropping at filling stations and an end to price gouging with high retailer margins on fill ups.
Currently the average price of a litre of petrol sits at 149p, while diesel is 155p. Both are far beyond the Europe average of 144p and 134p respectively.
The new law, which came into force on May 24, says: “The Act will also give new powers to the CMA to closely monitor road fuel prices and report any sign of malpractice to the government.”
It could mean lower prices once the law takes full effect, so it may be worth waiting to fill up to see if prices do come down.
The RAC said: “We can see no good reason why retailers in Great Britain aren’t cutting their prices at the pumps. It’s important to note that in Northern Ireland, where there is greater competition for fuels in the absence of supermarket dominance, the average price of diesel is just 144.9p – 10p less than the UK average, and petrol is 6p cheaper at 142.4p.
“There is cause for hope for fairer fuel prices in the future as the Digital Markets, Competition and Consumers Act became law on Friday, giving new powers to the Competition and Markets Authority to closely monitor road fuel prices and report any sign of malpractice to the Government.”