This Government is making sure that Brits are not ripped off at the petrol pump, writes Energy Minister Martin McCluskey MP
This government will fight your corner in the cost-of-living crisis, and we are stepping up to protect the British people from the consequences of the war in Iran.
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Thanks to the action we took at the Budget, the price cap came down by £117 until the end of June.
But while people’s energy bills are protected, the same isn’t true for fuel prices.
And I hear every day how concerning that is to the millions of people in this country who rely on their cars to go about their daily lives.
That’s why, since the start of the war, we’ve been working with the Competition and Markets Authority (CMA) to monitor prices at the pump.
And figures from the watchdog today show that, in the main, most retailers have acted responsibly and avoided boosting their margins.
The Energy Secretary and the Chancellor reminded retailers of their obligation to give consumers a fair deal back in March when the crisis started, and it’s good to see that’s been taken into account.
However, there are a few retailers that appear to have elevated margins.
We fully support the CMA in asking questions of those retailers. Alongside them, we will hold them to account.
Our Fuel Finder scheme is one of the ways we are doing that, helping to get you a better deal.
This price comparison service is helping households with a car find the cheapest fuel in their area and save up to £40 a year, and over 90% of retailers are already signed up.
And from today, the CMA will use its powers to take action and can fine the remaining petrol stations not signed up or sharing their prices – driving competition up to bring prices at the pump down.
Alongside the CMA, we are putting the fuel industry on notice that we have a close eye on prices and this is not the moment for making excessive profits.
We want you and your families to find the cheapest fuel in your area, and we will keep doing everything we can to support you, whatever is happening in the world.
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Martin McCluskey MP is the Minister for Energy Consumers within the Department for Energy Security and Net Zero.
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