Fuel prices: Retailers must share updates within 30 minutes
Fuel retailers will have to share any changes to the price they are charging at the pump within 30 minutes under the government’s plan to increase competition in the sector.
Online comparison sites and navigation apps will then be able to keep drivers up-to-date with where to find the cheapest fuel in near real-time.
The government said the added transparency would drive down prices.
It has launched a consultation on the new scheme.
Energy Security Secretary Claire Coutinho said the changes could save customers up to 3p per litre of fuel.
“We are forcing retailers to share live information on their prices within 30 minutes of any change in price, helping drivers to find the best deal at the pump,” she said.
The Petrol Retailers Association (PRA) said its members already operated in a “highly competitive market on razor-thin margins”.
However, it said it would continue to support the development of the new scheme.
“It is important that motorists have the ability to shop around and find the best deals available to them,” said Gordon Balmer, executive director of the PRA.
Edmund King, president of the motoring organisation, the AA, said the new scheme should keep “competitive pressure” on sellers.
“The government’s proposal should stimulate fairer pricing through free market competition and takes advantage of the latest information technology,” he said.
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Currently petrol and diesel cost less than they have for most of the past two years, after Russia’s invasion of Ukraine pushed up oil prices. But there are concerns that the current attacks in the Red Sea could push prices higher again.
Motorists generally have to shop around themselves, keeping an eye out for the best prices.
Concerns about the high price of fuel prompted the competition regulator, the Competition and Markets Authority (CMA), to look into the sector last year. The CMA concluded that some retailers were overcharging.
The government responded by announcing the “Pumpwatch” scheme to ensure that fuel prices were updated in near real-time, so motorists can compare prices via price comparison websites, satnavs and navigation apps.
Consumers, retailers and other organisations can comment on the proposals scheme until 12 March.
