Increased supermarket profit margins led to motorists paying an extra 6p per litre for fuel last year, a watchdog has said.<\/p>\n\n\n\n
The Competition and Markets Authority (CMA) said despite supermarkets usually being the cheapest places to buy fuel, a lack of competition had caused prices to surge.<\/p>\n\n\n\n
The inquiry also found that an increase in margins on diesel across all fuel retailers cost drivers an extra 13p per litre during the first five months of this year.<\/p>\n\n\n\n
The regulator’s chief, Sarah Cardell said competition was “not working as well as it should be and something needs to change swiftly”.<\/p>\n\n\n\n
The CMA recommends that the Government launches a “fuel finder scheme” to help drivers find better prices online.<\/p>\n\n\n\n
This would allow drivers to compare pump prices at different sites through apps or satnavs.<\/p>\n\n\n\n
The investigation found that Asda’s targeted fuel margins for 2023 were more than three times what they had been for 2019, while Morrisons’ target doubled in the same period.<\/p>\n\n\n\n
Asda was fined \u00a360,000 by the CMA for failing to provide relevant information in a timely manner.<\/p>\n\n\n\n
Cardell said: \u201cCompetition at the pump is not working as well as it should be and something needs to change swiftly to address this.<\/p>\n\n\n\n
\u201cDrivers buying fuel at supermarkets in 2022 have paid around 6p per litre more than they would have done otherwise due to the four major supermarkets increasing their margins.<\/p>\n\n\n\n
\u201cThis will have had a greater impact on vulnerable people, particularly those in areas with less choice of fuel stations.<\/p>\n\n\n\n
\u201cWe need to reignite competition among fuel retailers.\u201d<\/p>\n\n\n\n
The RAC described the CMA’s report as a “landmark”, adding that motorists appeared to have lost almost \u00a31bn as a result of increased margins.<\/p>\n\n\n\n
Spokesman Simon Williams told the BBC: “It is nothing short of astounding in a cost-of-living crisis and confirms what we’ve been saying for many years that supermarkets haven’t been treating drivers fairly at the pumps.”<\/p>\n\n\n\n
On Monday, unleaded petrol costs on average 143.86p per litre while diesel costs 145.54p, according to RAC data.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Increased supermarket profit margins led to motorists paying an extra 6p per litre for fuel last year, a watchdog has said. The Competition and Markets Authority (CMA) said despite supermarkets … <\/p>\n