UK motorists were overcharged by a staggering £1.6 billion in 2023, according to the Competition and Markets Authority (CMA).
The findings highlight significant overpricing by supermarkets, with fuel margins nearly doubling since 2019.
CMA Findings on Overcharging
Petrol stations in the UK have come under scrutiny for overcharging drivers by £1.6 billion in 2023, according to the Competition and Markets Authority (CMA). The regulator’s findings indicate that fuel margins have stayed significantly higher than pre-pandemic levels.
Supermarkets’ Role in Increased Prices
Supermarkets have been found particularly guilty, with their fuel margins nearly doubling since 2019. This increase cost drivers an additional £1.6 billion in 2023. Simon Williams from the RAC described the situation as ‘nothing short of outrageous,’ especially given many people depend on their vehicles.
Lack of Market Competition
The lack of competition meant prices remained artificially high, making it difficult for motorists to find cheaper options. This situation led to a significant financial burden on drivers, particularly during a time when many were already struggling with rising living costs.
Recommended ‘Pumpwatch’ Scheme
In response, the Government has proposed the Digital Information and Smart Data Bill. This aims to create a comprehensive and compulsory scheme to ensure all forecourts provide accurate price data.
Calls for Immediate Action
The RAC has also called on Energy Secretary Ed Miliband to expedite the CMA’s recommendations, ensuring that motorists are protected from excessive fuel prices as soon as possible.
The CMA’s findings shed light on the financial burden faced by UK drivers, primarily due to inflated fuel prices.
With the proposed ‘pumpwatch’ scheme and government legislation, there is potential for future relief for motorists.