UK motorists continue to be hit in the pocket by excessive fuel charges, with retail margins remaining "significantly" above historic levels, according to the UK's competition watchdog.
The authority is pressing the Government to use recent legislation to kickstart a mandatory scheme that would require fuel retailers to disclose their pricing information, thus allowing drivers to make informed comparisons at the pumps. Following its original report that uncovered market failings, the CMA initiated a temporary price data-sharing scheme; however, this scheme is optional and currently only includes 40% of the UK's fuel retail sites.
This will put the power in the hands of drivers who can compare fuel prices wherever they are, sparking greater competition. ""The CMA believes that this scheme could help drivers save up to £4.50 per fill-up because it would make finding the cheapest petrol stations easier. "The proposed introduction of the Digital Information and Smart Data Bill by the new Government could provide the legislative basis to set up a compulsory and comprehensive scheme...
RAC's head of policy, Simon Williams, stated: "This, the third report from the CMA, contains many findings that we feared. To see that drivers have paid £1.6bn more than they should have in the last year is nothing short of outrageous, especially when so many are dependent on their vehicles.
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