Grant Shapps has expressed the need for a fair and transparent pricing system for UK motorists, addressing fuel retail bosses to tackle the issue of overcharging drivers.
During a roundtable discussion held by Energy Security Secretary Grant Shapps and Minister for Energy Consumers and Affordability, fuel trade associations, supermarkets, and other key retailers were brought together to address unacceptable practices of overcharging at the pump.
The call for action follows a recent report by the Competition and Markets Authority (CMA), which revealed that certain retailers have been charging drivers an additional 6p per litre for fuel.
This resulted in an estimated extra revenue of £900 million in 2022 alone from the four major fuel supermarket retailers, equating to approximately £75 million per month.
In response to these findings, Energy Secretary Grant Shapps has urged retailers to participate in the CMA’s voluntary scheme, which requires them to share accurate road fuel prices by August.
The scheme aims to improve transparency and competition within the market. Retailers and supermarkets have expressed their support for enhanced transparency and have committed to cooperating with the CMA in implementing the scheme.
The CMA will establish a working group with retailers to determine the subsequent steps.
Energy Secretary Grant Shapps said: “Today’s commitment to a more transparent market is a step in the right direction – and I welcome their support for the CMA’s voluntary scheme, which aims to drive down prices and boost competition so customers can find the best deals locally.
“But I’m warning those who fail to put words into actions and continue to rip off motorists – you will be held to account.”
