STORY
Petrol and diesel prices at the pump fell in June as wholesale costs declined, but they remained significantly above levels seen before the conflict in the Middle East, according to the Competition and Markets Authority. The regulator said it had found no evidence that fuel retailers actively changed their pricing strategies to take advantage of the crisis.
The CMA said it remains concerned that passive pricing strategies used by many retailers are contributing to sustained high margins. Its analysis found that some retailers did not immediately pass reductions in wholesale diesel prices on to motorists. A more detailed review is planned for the autumn, including further analysis of how quickly wholesale price changes are reflected at the pump and why prices vary between local areas.
The regulator also reported that around 97% of UK petrol stations are now registered with Fuel Finder and that those sites account for an estimated 99% of road fuel sold in the UK. Since the registration grace period ended in April, the CMA has sent 1,166 letters to retailers and issued compliance notices covering 53 sites. No financial penalties have yet been required.