Fuel retailers are set to face a new regulatory requirement as the UK Government unveils the Pumpwatch scheme, compelling them to share near-live information on pump prices.
The initiative aims to enhance transparency and competition within the fuel market, with all fuel stations legally obliged to disclose real-time price data within 30 minutes of any change.
The Competition and Markets Authority (CMA) will play a crucial role in overseeing the Pumpwatch scheme’s implementation, monitoring the road fuel market for transparency and competition.
The CMA will also serve as a watchdog, identifying and advising on any attempts by retailers to overcharge drivers, ensuring fair practices.
Open for feedback from consumers, retailers and organisations, the scheme holds the potential to deliver savings of up to 3p per litre for drivers.
The government’s intervention follows instances of fuel retailers being found to overcharge customers.
Since these interventions, fuel prices have seen a consistent decrease, averaging around 2p per litre weekly between 13th November and 25th December, now reaching levels not seen since October 2021.
Energy Security Secretary Claire Coutinho said: “Our work on competition and transparency is working. Drivers are now paying the lowest average price at the pump for two years.
“This (scheme) will put motorists back in the driving seat and bring much needed competition back to the forecourts.”
