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No evidence of widespread fuel price-gouging, watchdog says
The watchdog said higher pump prices mainly reflect rising oil costs, while margins stayed broadly unchanged and only a minority of retailers saw increases.
- The Competition and Markets Authority reported that rising UK fuel prices stem from higher oil costs rather than retailer price-gouging, finding profit margins were "broadly unchanged" between February and March.
- Brent crude prices hit 126 dollars on Thursday amid reports President Donald Trump could escalate the Iran war, while global energy prices soared after the Strait of Hormuz effectively closed for two months.
- While most margins remained stable, the CMA identified increased fuel margins for a minority of retailers and is investigating whether companies engage in "rocket and feather" pricing as wholesale costs fluctuate.
- Prime Minister Sir Keir Starmer previously warned of action if companies tried to "rip off customers," though retailers denied price-gouging and criticized the use of "inflammatory language" regarding their pricing practices.
- Sarah Cardell, CMA chief executive, said the regulator will remain "vigilant" to ensure any wholesale cost reductions are passed to drivers, with further findings on fuel margins expected in May.
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Total News Sources5
Leaning Left2Leaning Right0Center2Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
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