Drivers could save as much as 15p a litre on fuel under government plans for 'Pumpwatch regulator'

26 January 2023, 13:14

The government wants to make petrol pricing more transparent
The government wants to make petrol pricing more transparent. Picture: Getty
Kieran Kelly

By Kieran Kelly

Drivers could be set to make significant savings on the cost of fuel as government plans to introduce a 'PumpWatch' regulator accelerate.

Under the plans, retailers would face pressure to make sure that what drivers pay accurately reflects wholesale costs.

It is believed the PumpWatch system would be voluntary but Chancellor Jeremy Hunt and Business Secretary Grant Shapps are looking into the prospect of a regulator so that pricing would be made more transparent.

Retailers who fail to lower their prices in relation to wholesale costs could even be named-and-shamed under the plans.

A report on the regulator could come as soon as February, with an announcement possible during the Spring budget.

Fuel prices peaked in July 2022
Fuel prices peaked in July 2022. Picture: Getty

Those in favour of a regulator believe petrol could be 10p cheaper per litre, while diesel would be around 15p cheaper, the Sun reports.

Fuel prices rose by 11.5 per cent in the year to December 2022, down from 17.2% from November, making it the sixth consecutive month when motor fuel price inflation has fallen.

This is down from a high of 43.7% in July 2022, according to data from the Office for National Statistics.

Rising fuel prices have been caused by a number of factors, including the Ukraine war, after which the import of diesel from Russia was banned.

Read More: Nadhim Zahawi did not make 'innocent error' with his tax, HMRC chief tells MPs

Mr Hunt received a letter signed by 30 MPs in December, including the former Home Secretary Priti Patel, backing the plans.

They argued that a regulator would reinstall confidence in today's "opaque" system.

Chancellor Jeremy Hunt could introduce the regulator in the Spring budget
Chancellor Jeremy Hunt could introduce the regulator in the Spring budget. Picture: Getty

Tory MP Jonathan Gullis said: “Over the past 11 years, a Conservative government has frozen fuel duty and brought about two cuts to fuel duty.

“But what is quite clear there have been wholesalers who have not been passing on these savings to motorists."

He continued: “We need to stop this shameless profiteering and introduce PumpWatch.”

Howard Cox, founder of FairFuel, added: “I understand the machinery of Government is looking into how it should work.

"UK’s drivers must also support this initiative to ensure pump pricing becomes honest, fair and transparent.

“Hopefully, the Budget will bring news of its progress because PumpWatch is an essential tool to lessen the cost of living crisis and reduce inflation.”

More Latest News

See more More Latest News

Axel Rudakubana, aged 18, from Banks in Lancashire on 20/01/25 pleaded guilty at Liverpool Crown Court to all 16 counts against him, including murder.

Brother of Southport killer ‘will leave secret location’ to attend inquiry - as victims' families speak of ‘catastrophic’ injuries

Roy Barclay (left), 56, had denied the murder of 57-year-old Anita Rose

'Dangerous' man living off grid to avoid prison found guilty of 'viciously' killing grandmother while on dog walk

The woman was hit on Avenue Charles-de-Gaulle, in Beaune, France

British woman, 35, is run down and killed in front of her husband while out jogging in France

Russia hit Ukraine with over 700 drones overnight. Picture: Alamy

Russia launches largest drone attack on Ukraine since start of full-scale invasion

Erin Patterson was found guilty of triple murder after serving a deadly beef wellington laced with toxic mushroom

'You've poisoned them all': Moment doctor realised 'heinous' mushroom murderer Erin Patterson was guilty of poisonings

A scene from 12 Angry Men, the classic legal drama - where a jury decides to acquit a defendant after a long discussion

How could trials work without juries?

X

Resident doctors announce five days of strike action amid ongoing dispute over pay

Axel Rudakubana

Father of girl injured in Southport attack says she was stabbed by ‘coward’

Red Bull Racing Team Principal Christian Horner on the grid before the F1 Grand Prix of Great Britain on July 06

Christian Horner sacked by Red Bull as Formula One team principal - a year after texting scandal

Exclusive
Lord Glasman speaks to LBC's Nick Ferrari

'They urinated on their voters': Lord Glasman slams Tories as 'irrelevant' as he says it's now Labour vs Reform

Getting an ADHD diagnosis can take years for children - but for adults it can be even harder

Do I need to get an ADHD diagnosis?

x

'Digsy's Dinner': ASDA celebrates 'Oasis mania' Manchester gigs by serving Liam Gallagher Lasagne

Writer Raynor Winn during the CineMerit Award for Gillian Anderson and the premiere of the movie "The Salt Path" during the 2025 Munich Film Festival

Salt Path author 'risking legal action' as publisher issues statement over claims story was 'based on lies'

LBC can reveal councils in England are forking out millions of pounds storing the belongings of families stuck in temporary accommodation.

Housing crisis forcing councils to spend millions on storage for those in temporary accommodation

The man has been named by his family as Sean O'Meara.

Plumber, 36, with ‘chainsaw and gas mask’ shot by police who ‘feared gun or bomb’ is named by family

Exclusive
UK is now Russia’s main target, with British criminals acting as Putin's foot soldiers, ex-spy warns

UK is now Russia’s main target, with British criminals acting as Putin's foot soldiers, ex-spy warns