Hundreds of petrol stations probed for not reporting live prices – Rachel Reeves
Hundreds of UK petrol stations are being investigated for failing to report live price changes to a Government system aimed at saving drivers money, Rachel Reeves has said.
The Chancellor said the Competition and Markets Authority (CMA) has already issued hundreds of warning letters to businesses failing to meet legal requirements by not providing petrol prices to Fuel Finder, a Government-run price comparison scheme.
It comes after Press Association analysis of data submitted to Fuel Finder revealed many sites have still not provided any petrol prices, despite this being mandatory for more than five months.
Of those sites that have provided data, 1,751 last submitted a petrol price change more than a week ago, including 96 that had not supplied an update for at least a month.
Ms Reeves said: “Our Fuel Finder is increasing transparency and driving down prices for drivers, but it is clear some businesses are failing to do this. That is not right.
“I have given the Competition and Markets Authority powers to investigate, and they have issued hundreds of warning letters to businesses not complying.
“If these businesses continue to fail their customers by not reporting price changes, the CMA have assured me they will step in and issue fines.”
All UK forecourts have been legally required to report price changes to the database within half an hour since February 2.
When it launched, ministers expected Fuel Finder to save households who own a car an average of £40 a year by increasing competition between retailers, resulting in lower prices.
Average petrol prices in the UK remain about 19p per litre more expensive than before the conflict in the Middle East, despite oil prices returning to pre-war levels.
Published: by Radio NewsHub