Rinsed at the pumps! UK drivers are paying too much for fuel
New figures show that while the cost of fill-ups continues to rise, retailers are making more money than ever
UK drivers are being made to pay more than they should at the pumps according to a new report from the Competition and Markets Authority (CMA).
Between May and August this year, fuel prices in the UK have increased on average, with the cost of petrol rising from 132 pence per litre (ppl) to 133.9 ppl, and the cost of diesel surging from 138.4 ppl to 141.9 ppl.
However, CMA’s latest report also shows that during April to June this year, margins for supermarket retailers grew from eight per cent to 9.1 percent, compared to the three months prior. Other retailers’ margins saw an even greater rise, ranging from 9.9 to 10.6 per cent in the same months.
For context, in 2017 the margin for supermarkets was four per cent and for non-supermarket retailers, 6.4 per cent.
Dan Turnbull, Senior Director of Markets at the Competition and Markets Authority (CMA), said: “Our new report shows that drivers across the UK have been paying more at the pump in recent months. While recent price rises are partly explained by an increase in the price of oil, what’s deeply concerning is that fuel margins – a key indicator of retailer profit – remain far above historic levels.”
The UK remains more expensive than Europe as a whole when it comes to fuel prices. The average ppl in Europe is 1.49 euros (roughly £1.30) for petrol, according to data from tolls.eu. However, Germany and France (1.72 euros and 1.73 euros respectively) still have relatively high prices for petrol.
Back in 2023, the CMA recommended the Government roll out a new fuel finder scheme to help drivers find cheaper fuel retailers. The Government aims to launch a new website and mobile app by the end of this year to do precisely this, based on data from the Pump Watch scheme.
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