Fuel profit margins still persistently high, says watchdog

Petrol and diesel revenue margins stay at “persistently excessive ranges” regardless of costs on the pump having fallen, in line with the UK’s competitors watchdog.The Competitors and Markets Authority (CMA) additionally challenged retailers’ claims that this was a results of larger working prices. In its first annual highway gas monitoring report, the CMA mentioned competitors within the sector was “weak”.It mentioned if there was extra competitors, drivers would see higher gas costs on the pump.Petrol was 136.8p per litre final week, in line with authorities monitoring, whereas diesel was 146.1p per litre.The CMA report was revealed as the federal government prepares to launch its “gas finder” scheme, which can permit drivers to match real-time gas costs.Retailers must signal as much as the scheme and report worth adjustments inside half-hour of them being carried out.Dan Turnbull, senior director of markets on the CMA, mentioned: “Gasoline margins stay at persistently excessive ranges – and our new evaluation exhibits working prices don’t clarify this. “We all know gas prices are an enormous problem for drivers, particularly right now of 12 months with tens of millions making journeys throughout the nation.”