Drivers nonetheless paying an excessive amount of for gas, says competitors watchdog
Drivers are nonetheless paying extra for gas than they need to on account of “stubbornly excessive” margins, the competitors watchdog mentioned.
The Competitors and Markets Authority (CMA) mentioned gas margins remained larger than historic ranges, and it remained involved about weakened competitors within the sector.
Grocery store gas margins elevated from 7% in April to eight.1% in August, whereas non-supermarket gas margins rose from 7.8% in April to 10.2% in August, the watchdog mentioned.
Our newest #RoadFuel interim monitoring report highlights considerations about weakened competitors affecting gas costs.
The federal government has dedicated to our suggestions for a gas monitoring perform & gas finder scheme to assist deal with these considerations: https://t.co/MyeKOJ6uvp pic.twitter.com/pu2HRLqoFS
— Competitors & Markets Authority (@CMAgovUK) November 28, 2024
The “sustained” improve within the degree of gas margins was regarding, and advised that general ranges of competitors within the street gas retail market remained weakened.
Dan Turnbull, senior director of markets on the CMA, mentioned: “Whereas gas costs have fallen since July, drivers are paying extra for gas than they need to be as they proceed to be squeezed by stubbornly excessive gas margins.
“We subsequently stay involved about weak competitors within the sector and the affect on pump costs.
“With that in thoughts, we’re happy the Authorities is progressing with our suggestions.
“These measures will empower drivers to seek out the most affordable gas costs wherever they’re within the UK, improve competitors and assist the financial system – the extra individuals save on gas, the extra they need to spend in different areas.”
