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        Labour-backing Gary Neville slams Rachel Reeves over crippling tax hikes on businesses

        Labour-backing Gary Neville slams Rachel Reeves over crippling tax hikes on businesses

        Donald Trump demands UK drills for more oil, blasts high taxes on North Sea energy firms

        Donald Trump demands UK drills for more oil, blasts high taxes on North Sea energy firms

        Justice Secretary Shabana Mahmood heaps pressure on Sir Keir Starmer to recognise state of Palestine

        Justice Secretary Shabana Mahmood heaps pressure on Sir Keir Starmer to recognise state of Palestine

        Ed Miliband sparks fears of ‘boiler ban by backdoor’ as he prepares to shun gas for heating homes

        Ed Miliband sparks fears of ‘boiler ban by backdoor’ as he prepares to shun gas for heating homes

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          AI Overviews cutting publisher clickthrough rates by 50%, new report finds

          AI Overviews cutting publisher clickthrough rates by 50%, new report finds

          Call for commemoration to Welsh journalist Gareth Jones who uncovered Holodomor famine

          Call for commemoration to Welsh journalist Gareth Jones who uncovered Holodomor famine

          News diary 28 July – 3 August: Starmer-Trump meeting, Edinburgh Fringe, Ofcom annual media data

          News diary 28 July – 3 August: Starmer-Trump meeting, Edinburgh Fringe, Ofcom annual media data

          BBC and news agencies sound alarm over ‘threat of starvation’ for journalists in Gaza

          BBC and news agencies sound alarm over ‘threat of starvation’ for journalists in Gaza

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            Nest of radioactive WASPS found at nuclear site by officials

            Mysteries of 2,300-year-old mummy Bashiri ‘The Untouchable’ revealed after researchers refused to unwrap ancient fabric

            Mysteries of 2,300-year-old mummy Bashiri ‘The Untouchable’ revealed after researchers refused to unwrap ancient fabric

            Remarkable glow in the dark creature captured on camera in the wild ‘for first time’ as it lights up in a neon blue

            Remarkable glow in the dark creature captured on camera in the wild ‘for first time’ as it lights up in a neon blue

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            ‘Death date’ of universe revealed as scientists predict when ‘shrinking’ will start before ‘Big Crunch’ wipes us all out

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

            Is this the breakfast of the future? Bread made of BUGS & fungus created to fight food shortage – so would YOU try it?

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            Mystery of Captain Cook’s lost ship is SOLVED after 250 years as scientists discover sunken remains of HMS Endeavour

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            We’ve probably already been discovered by aliens, but they have some pretty good reasons to hide.

            Almost everyone is said to benefit from a scientifically supported method for improving sleep.

            2,500-year-old rock engravings were found near Mosul, Iraq.

            Is the soul of a person eternal? the findings of scientists

            With its most recent move, is General Electric abandoning wind power?

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            Conor McGregor issues four-word statement after taking biggest step yet to UFC return

            Conor McGregor issues four-word statement after taking biggest step yet to UFC return

            Ellie Scotney reveals promise she made to late friend Georgia O’Connor before emotional world title win

            Ellie Scotney reveals promise she made to late friend Georgia O’Connor before emotional world title win

            The secret underground tunnel where Open golfers hide from thunderstorms but only certain stars can use it at Portrush

            The secret underground tunnel where Open golfers hide from thunderstorms but only certain stars can use it at Portrush

            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Jon Jones performs retirement U-turn and announces return to UFC testing pool after Dana White lying claims

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

            Tyson Fury heads off to business meeting still wearing Primark Soccer Aid suit after dropping F-bomb live on ITV

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            A Site for Situated Practices: Mezzanine

            Exhibition: Substance & Recoding: The Narrative of Contemporary Objects in the Semantic Turn

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            Eromosele Gideon Eigbiremolen Unveils Sustainable Vision for SS24 with Burvain’s Latest Collection.

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          Fuel prices: Weak competition sees motorists pay £900m more for petrol and diesel, watchdog warns

          by Anderson
          July 4, 2023
          in Motoring
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          Reduced competition and increased supermarket profit margins led to drivers paying an extra 6p per litre for fuel last year.

          And increased profits on diesel prices, vital to the road haulage industry, have cost drivers an extra 13p per litre between January and May.

          Asda and Morrisons have taken “a less aggressive approach to pricing” since 2019, according to a report into forecourt pump prices by the UK’s competition watchdog.

          Both companies have, in the past, driven competition by acting as price leaders selling the cheapest petrol to attract customers forcing others to lower prices to match them.

          However, an investigation found they have increased their profit margins by charging higher prices and not reducing them as quickly when oil prices – cited as the main reason for expensive fuel costs – came down. Rival supermarkets, including Tesco and Sainsbury’s, followed similar pricing patterns.

          Sarah Cardell, chief executive of the watchdog – the Competition and Market’s Authority – said competition on petrol station forecourts “was not working as well as it should” and called for reforms.

          The CMA estimated that the financial impact of the 6p per litre increase in average supermarket fuel margin from 2019 to 2022 resulted in a combined additional cost of around £900m for customers of the four supermarket fuel retailers in 2022 alone. This is equivalent to approximately £75m a month for this period.

          #color-context-related-article-2373848 {–inews-color-primary: #F88379;–inews-color-secondary: #FEF2F1;–inews-color-tertiary: #F88379;}

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          The CMA said it was also concerned that “variable pricing” patterns in local areas meant consumers in parts of the country are paying “significantly more” for fuel than others. And it slated weak price competition at motorway services where it found prices were around 20p per litre more for petrol and 15p more for diesel compared to other fuel outlets.

          It called for the setting up of an open data fuel finder scheme, which would let customers better check the price of fuel in their area, after a similar scheme was successfully piloted in Northern Ireland.

          The CMA has also proposed that a new “fuel monitor” oversight body be set up to probe prices and margins “on an ongoing basis and recommend further action if competition continues to weaken in the market”.

          It pointed out that the average price of fuel fell in large parts of the UK after it published interim reports on the issue no three occasions.

          The CMA said it fined Asda £60,000 for failing to co-operate fully with its investigation. The two fines of £30,000 – the maximum permitted – were for failing to respond completely to a compulsory written request for information and then sending a representative to attend a compulsory CMA interview “who was not equipped to provide evidence on certain topics the CMA had identified in advance.”

          Asda has been approached for comment.

          Ms Cardell said: “Competition at the pump is not working as well as it should be and something needs to change swiftly to address this. This will have had a greater impact on vulnerable people, particularly those in areas with less choice of fuel stations.

          “We need to reignite competition among fuel retailers and that means two things. It needs to be easier for drivers to compare up to date prices so retailers have to compete harder for their business. This is why we are recommending the UK Government legislate for a new fuel finder scheme which would make it compulsory for retailers to make their prices available in real time.

          “This would end the need to drive round and look at the prices displayed on the forecourt and would ideally enable live price data on satnavs and map apps.

          “Given the importance of this market to millions of people across the UK, this needs to be backed by a new fuel monitor function that will hold the industry to account. As we transition to net zero, the case for ongoing monitoring of this critical market will grow even stronger, so we stand ready to work with the UK Government to implement these proposals as quickly as possible.”

          The RAC welcomed the findings. Its fuel spokesman Simon Williams said: “This is a landmark day when it comes to fuel prices in the UK. The fact that drivers appear to have lost out to the tune of nearly £1bn as a result of increased retailer margins on fuel 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.

          “It’s all about action now and we very much hope the Government follows through with both of the CMA’s recommendation.

          “While forcing retailers to publish pump prices is a positive step for drivers, what’s of far more significance is the creation of a fuel monitor function within government which, we very much hope, actively monitors wholesale prices to ensure forecourts don’t overcharge when the cost they pay to buy fuel drops. Without this, we fear drivers will continue to get a raw deal.”

          Asda said: “The CMA’s comprehensive road fuel market review recognised Asda as the price leader and confirmed the presence of an Asda petrol station in a local area keeps prices down for all motorists. Despite record inflation, we have carefully managed our business to ensure Asda was the cheapest traditional supermarket for both groceries and fuel throughout the period reviewed by the CMA and this position is unchanged.

          “The penalty notices relate to two individual alleged technical breaches in the way information was shared with the CMA over a 12-month period, during which time a significant number of documents were shared with the CMA to aid their study and we engaged fulsomely with their enquiries. As the price leader in the supermarket fuel sector, we welcome any initiative that makes it easier for motorists to compare fuel prices, such as an app or other technology-based solutions.”

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