In a letter to the Competition and Market Authority (CMA), Kwarteng wrote that people were “justifiably disappointed” that the 5 pp / liter reduction did not prevent prices from soaring to record highs in the suburbs. Kwarteng called on the CMA to conduct an urgent review of the fuel market and a longer-term study examining the health of competition in the market to see if it has harmed consumer interests amid rising prices. He noted regional disparities in petrol prices and called for an initial report of recommendations to “strengthen competition” in the petrol market by 7 July. “Drivers should have a fair deal on fuel across the UK,” Kwarteng wrote. “I am writing to ask the CMA to conduct an urgent review of the fuel market… to investigate whether the retail fuel market has adversely affected the interests of consumers.” Fuel prices⛽️ I asked @CMAgovUK to conduct an urgent review of the fuel retail market, as well as a longer-term investigation under the Business Act. Fuel prices are always rising fast but falling slowly – let’s see why. pic.twitter.com/iBk8JeNcsF – Kwasi Kwarteng (@KwasiKwarteng) June 12, 2022 The competition watchdog had previously forced Asda and Morrisons to sell a number of suburbs during a private equity takeover. The average price of a liter of gasoline in the suburbs of the United Kingdom increased by 7 p.m. last week, according to data company Experian Catalist, setting a new record at 183.2 p.m. on Thursday. This pushed the cost of filling a typical car above the £ 100 limit. Gasoline retailers have blamed rising wholesale prices, saying oil refineries had not passed on the fall in crude oil prices from highs in the early days of the war in Ukraine. Jack Cousens, AA’s road policy chief, welcomed Kwarteng’s move but called for “more urgent action”. “To relieve the pressure in the pumps we need an immediate 10p reduction in fuel operation,” he said. “In the long run, the CMA should consider extending the transparency of pump prices available in Northern Ireland to the rest of the United Kingdom. “Consumer council fuel price controls have fueled competition and led drivers there to enjoy the lowest fuel prices in the UK,” Cousens said. Subscribe to the daily Business Today email or follow the Guardian Business on Twitter at @BusinessDesk Trade unions and drivers have warned that record increases in fuel prices could force their vehicle-based staff to quit their jobs, including key workers. A community worker on the NHS said the increase in fuel prices had exceeded their compensation for the cost of petrol, so staff were now paying not only to go to work but also to drive to patients’ homes to does his job. Rising petrol prices have led to an increase in the number of drivers trying to get away without paying, with courtyards facing up to three theft attempts a day on average, according to Forecourt Eye.
