Drivers still facing rip-off prices at pumps as retailers’ fuel margins remain concerning, says watchdog | T9MLA71 | 2024-04-02 12:08:01

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Drivers still facing rip-off prices at pumps as retailers' fuel margins remain concerning, says watchdog | T9MLA71 | 2024-04-02 12:08:01

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They're being hit by the identical high gasoline fees seen in the course of the pandemic, w

MOTORISTS nonetheless face rip-off costs on the pumps as retailers' gasoline margins stay regarding, the competition watchdog says.

They're being hit by the identical high gasoline fees seen in the course of the pandemic, which has been labelled as "not an excellent sign for drivers".

Drivers still facing rip-off prices at pumps as retailers' fuel margins remain concerning, says watchdog

The Competition and Markets Authority has warned that motorists are still being ripped off by excessive gasoline costs

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The gasoline margins — the difference between what is paid for gasoline and what it's bought at — has elevated across supermarkets and different retailers.

Supermarkets had margins of 4 per cent in 2017. In 2023 they have been at 7.eight per cent.

Other retailers recorded margins of 6.4 per cent in 2017 and 9.1 per cent last yr.

The Competitors and Markets Authority's Dan Turnbull stated: "Drivers are feeling the pinch as gasoline costs have been edging up since January.

"We're notably involved by high margins which point out weakened competition and aren't a great signal for drivers.

"Right now's report reinforces the need for Pumpwatch and statutory powers to be in place as quickly as potential, to make sure competitors is effective on this market and to get a better deal for UK drivers."

The report, which provides The Sun's Keep It Down campaign a lift, covers costs from the top of October to the top of February.

Power Secretary Claire Coutinho stated: "We've got been crystal clear: petrol and diesel retailers should move on financial savings at the pump.

"Alongside the CMA, we're bringing competition again to the forecourt.

"Our Pumpwatch scheme will soon pressure retailers to share real-time worth knowledge and ensure drivers get the perfect deal."

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