Motorists across the UK could soon save up to £4.50 per tank of petrol under a new proposed 'Pumpwatch' scheme by the Government.
The scheme will allow drivers to compare up-to-date petrol prices, via a website or mobile application - allowing them to find the cheapest option in their area.
It comes after Brits have been found to have forked out an extra 6p per litre at the supermarket pumps last year, with weak competition allowing sellers to charge more. When racked up, it means that drivers have been charged between £2.70 and £3.90 too much per tank of diesel or petrol, every time they filled up at the forecourt over the last few years.
An investigation by the Competition and Markets Authority (CMA) looked into the UK fuel market over the course of the last year, amid concerns that falling wholesale prices weren't being passed down to consumers. The watchdog found that supermarkets were usually the cheapest place for fuel, but competition wasn't 'working as well as it should be'.
Read more: Supermarket fuel price hikes saw drivers pay 'nearly £1 billion more' at the pump last year
The Mirror reports that the CMA ruled that competition was 'weakened' as Asda and Morrisons increased the amount of money they made on fuel. Elsewhere, Sainsbury's and Tesco also priced their fuel by comparison to local competitors, rather than the wholesale rate.
The CMA found that motorway service stations meanwhile charged in the region of 20p extra for petrol, and 15p more for diesel when compared to other forecourts. And overall, the CMA found that current pricing tactics on diesel across all retailers had cost drivers and extra 13p per litre from January 13 through May 2023.
The Government announced that it would whole-heartedly support the CMA-recommended Pumpwatch scheme, and change the law to ensure that retailers provide recent and up-to-date pricing information. The authority also recommended a new 'fuel body' to be set up, which would regulate the scheme.
In it's detailed report, the CMA detailed how the Pumpwatch scheme could offer drivers of a typical family car savings of up to £4.50 on a tank of fuel within a five minute trip. Chancellor, Jeremy Hunt, said: "It isn’t fair that businesses are refusing to pass on lower prices to protect their profits while working people struggle with balancing their budgets," promising to take 'swift steps' to enact the CMA recommendations through a consultation on the measures.
This is expected to be published in the autumn. A voluntary scheme which encourages retailers to disclose fuel prices is also set to launch next month. The RAC detailed how 'extremely pleased' it was that the Government is taking action, while the AA noted that the promised changes were 'better late than never'.
However, it's worthwhile to make the most of the various apps and websites that stand at present which compare petrol prices - which aren't linked to the Government. One popular site is PetrolPrices.com - founded in 2005, it also has a free-to-download mobile app.
The site shows prices for all brands of fuel stations spanning the UK, by obtaining data on fuel from the stations directly.
