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| Weak competition added 6p to supermarket fuel prices | |
| (32 minutes later) | |
| Drivers paid an extra 6p per litre for fuel last year at supermarkets because of weaker competition, a watchdog says. | Drivers paid an extra 6p per litre for fuel last year at supermarkets because of weaker competition, a watchdog says. |
| The Competition and Markets Authority (CMA) said supermarkets are usually the cheapest places to buy fuel but that big retailers had put up their margins. | |
| The regulator recommended a "fuel finder scheme" to help drivers find better prices online. | |
| Boss Sarah Cardell said competition was "not working as well as it should be and something needs to change swiftly". | Boss Sarah Cardell said competition was "not working as well as it should be and something needs to change swiftly". |
| "Drivers buying fuel at supermarkets in 2022 have paid around 6 pence per litre more than they would have done otherwise, due to the four major supermarkets increasing their margins," she said. | |
| "This will have had a greater impact on vulnerable people, particularly those in areas with less choice of fuel stations." | |
| According to the CMA, average annual supermarket margins on fuel had increased by 6p per litre between 2019 and 2022. | |
| It also 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. | |
| Sainsbury's and Tesco have followed suit, raising their prices which indicated "competition has weakened", the CMA said. | |
| The RAC said drivers appeared to have lost nearly £1bn as a result of increased retailer margins on fuel. | |
| Spokesman Simon Williams said: "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." | |
| As of Monday, unleaded petrol costs on average 143.86p per litre while diesel costs 145.54p, according to RAC data. | |
| That is down sharply from the record highs seen last July, but still above pre-pandemic trends. | |
| Related Topics | Related Topics |
| Competition and Markets Authority | Competition and Markets Authority |
| Inflation | Inflation |
| Fuel | Fuel |