Friday, April 19, 2024
Energy Transition Outlook Report 2023
HomeRenewablesAsdaUK Energy Secretary warns retailers: Act of face legal consequences

UK Energy Secretary warns retailers: Act of face legal consequences

Energy Secretary Grant Shapps has called for a roundtable meeting today with major UK supermarkets, fuel retailers and oil companies to discuss the escalating issue of fuel price hikes.

The aim of the meeting is to address concerns regarding the potential overcharging of drivers at the pump.

The Competition and Markets Authority (CMA) recently released a report highlighting that certain retailers have been charging an additional 6p per litre for fuel, resulting in an estimated £900 million in extra revenue in 2022.

This alarming finding has prompted Shapps to hold these retailers accountable for their pricing practices, particularly in light of falling wholesale energy costs.

During the meeting, Shapps will urge the retailers, including Asda, Tesco, Morrison’s, Sainsbury’s, bp, Shell and Esso, to adopt the CMA’s voluntary scheme.

This scheme requires retailers to share accurate road fuel prices by August, enhancing transparency and promoting fair competition in the market.

Energy Live News
Energy Live Newshttps://www.energylivenews.com
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
RELATED ARTICLES
- Advertisment -
Energy Jobline LinkedIn

Most Popular

Recent Comments