2023-07-04 16:17:15
Somerset ∙ Petrol pumps across Britain will now publish real-time fuel prices. Britain is planning to change the existing laws for this. Real-time prices are published under a new scheme aimed at curbing overcharging by supermarkets and other fuel retailers. Accordingly, drivers can find the convenience of refueling at cheap petrol vehicles.
The assessment is that the pricing will lead to price competition for fuel companies. The move comes following it was discovered last year that Britons were paying more per liter for fuel in supermarkets than they currently are.
Energy Security Secretary Grant Shapps said the existing law would be changed to force retailers to share similar information. A new ‘Fuel Monitor’ committee will also be set up to carry out continuous monitoring. Grant Shapps said the law would include new powers to reduce prices and increase transparency in sales.
Immediately following Russia’s invasion of Ukraine, petrol and diesel prices hit record highs. But later wholesale prices fell significantly but prices in Britain were not reduced. Following this, a complaint was raised that the reduction in fuel prices was not passed on to the consumers. Following the complaint, the Competition and Markets Authority (CMA) is conducting an investigation.
English Summary: Petrol pumps in Britain will show real time fuel prices.
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