FUEL retailers will be legally required to share price changes within THIRTY minutes to help motorists find the cheapest petrol and diesel under new plans.
Petrol stations must handover their pump costs to tech firms establishing a ‘Pumpwatch’ price comparison scheme which could save motorists 3p per litre on fuel, Ministers say.
GettyFuel retailers will be legally required to share price changes within THIRTY minutes to help motorists find the cheapest petrol and diesel under new plans[/caption]
Drivers will be able to access the lowest prices close to them through their sat-navs, mobile apps and online map.
Campaigner Howard Cox, the founder of FairFuelUK, hailed the move ensuring there is “no place to hide for supply chain bandits”.
He said: “A PumpWatch consumer pricing watchdog will roll out with teeth to protect UK’s millions of hard-pressed drivers from perennial profiteering by the fuel supply chain at the pumps.”
Figures show that the average price of petrol fell to 139.7p per litre on January 8 which is its lowest level since October 2021, mainly due to a fall in oil prices.
Twelve major retailers including the ‘Big Four’ supermarkets Tesco, Sainsbury’s, Morrisons and Asda had signed up to an interim voluntary scheme launched by the competition watchdog to share prices daily.
Ministers have now said the data-sharing scheme which is being consulted on will be a legal requirement.
A similar scheme in Australia allowed drivers to save £49 per year on fuel.
It will follow in the foot-steps of price sites that allow consumers to get the best deals on flights and insurance.
The system could be overseen by the Department for Energy, the Treasury, the Competition and Market Authority or all three.
Energy Security Secretary Claire Coutinho said: “Our work on competition and transparency is working. Drivers are now paying the lowest average price at the pump for two years.
“We are forcing retailers to share live information on their prices within 30 minutes of any change in price, helping drivers to find the best deal at the pump.
“This will put motorists back in the driving seat and bring much-needed competition back to the forecourts.”
The changes come after the Competition and Markets Authority said in 2022 that an extra £900 million had been paid out in extra costs due to supermarkets failing to pass on savings.
RAC fuel spokesman Simon Williams said: “This is a really important day as it should pave the way for fairer fuel pricing for everyone who drives.
“Sadly, there have been far too many occasions where drivers have lost out at the pumps when wholesale prices have fallen significantly and those reductions haven’t been passed on quickly enough or fully enough by retailers.
“We badly need to see competition in the wider market match that of Northern Ireland where fuel prices are consistently 5p cheaper.”