Fuel Prices Spike: Regulators Aren’t Taking It Lightly
Energy Secretary Grant Shapps has put the brakes on fuel retailers, saying he’ll “call out any foot‑dragging” if they don’t share their pump rate data. The move comes hot on the heels of the biggest weekly jump in gasoline prices in more than a year, leaving drivers staring at the wrong side of the tank.
Why the Fuel Surge?
The pound‑for‑pound climb is largely thanks to oil producers tightening supply to push prices higher. “When producers cut production, the cost of oil soars, and that hit the pump fast,” says AA spokesman Luke Bosdet. A few days of every other pump might have added 2p–3p a litre to a driver’s bill – not exactly the summer of cheap fuel the AA promised.
Regulatory Push‑back
- Shapps’ Letter to CMA: He reminded the Chief Executive, Sarah Cardell, that the government backs the CMA’s temporary scheme. Retailers need to post daily prices in a machine‑readable format by the end of August.
- No Room for Delay: The minister stressed that any lag will prompt governmental action, keeping the pressure on.
- Keep Us in the Loop: Shapps requested that officials stay updated on participation levels so that the government can intervene if needed.
Industry Response
AA spokesperson Luke Bosdet said the “summer of cheaper petrol and diesel” fizzled out as prices rose, “vital it’s a nightmare for consumers.” He added that “more transparency will create pressure for retailers to respond when costs come down.”
Meanwhile, Steve Gooding from the RAC Foundation noted: “High‑street retailers might offer discounts to lure customers, but our service stations are seeing a rocket‑launch in fuel prices. We hope fuel companies aren’t ignoring the watchdogs while deciding what to charge.”
What to Expect
With regulators demanding data, the hope is that retailers will finish the voluntary data‑sharing scheme on time and keep pricing fair. In the meantime, consumers might find that a simple price‑watching app or a quick search of pump numbers helps them dodge the highest priced stations.
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