Competition watchdog called to urgently check fuel market for “cutting prices”.

Business Minister Kwasi Kwarteng has written to the Competition and Markets Authority, which will investigate the industry after fears motorists are not getting a fair deal

Competition watchdogs have been called in to carry out an urgent review of the fuel market over ministers’ concerns about “predation pricing”.

Business Minister Kwasi Kwarteng has written to the Competition and Markets Authority (CMA), which will investigate the industry after concerns motorists are not getting fair deals.

The watchdog has been instructed to look specifically at the health of competition in the market – and whether the £5billion fuel tax cut will be passed on to consumers by Rishi Sunak.

You will also examine the reasons for local price fluctuations.

Price fluctuations at petrol stations in different parts of the country are also a concern for many motorists, as there are often sharp fluctuations between similar nearby petrol stations over short distances.







Economic Secretary Kwasi Kwarteng
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Picture:

(Getty Images)

In his letter to CMA boss Andrea Coscelli, Mr Kwarteng wrote: “The British people are rightly frustrated that the £5billion package has not always appeared to have been passed on to petrol station prices and that prices remain higher in some cities than smaller ones , nearby cities.”

A first report is expected to be received by July 7th.

A Whitehall source added: “We’re trying to keep as much of people’s hard-earned money in our pockets as we can, but it’s frustrating that our £5billion fuel tax cut doesn’t seem to have been passed on everywhere – with Die Prices always rise quickly, but fall only slowly.

“Nobody understands why the price of their fuel can be a village more expensive at 10p a liter, so we want drivers to have absolute peace of mind that the fuel dealers are not getting their money’s worth.”

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https://www.mirror.co.uk/news/politics/competition-watchdog-called-urgently-review-27209080 Competition watchdog called to urgently check fuel market for "cutting prices".

Fry Electronics Team

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