UK retailers called to roundtable with Energy Secretary Grant Shapps over fuel price hikes

• Energy Secretary Grant Shapps will today (17 July) meet major UK supermarkets and fuel retailers to call out any unacceptable behaviour in overcharging drivers at the pump.

• Bosses from Asda, Tesco, Morrison’s and Sainsbury’s – as well as the likes of BP, Shell and Esso - will be held to account for any failure to pass on savings to consumers, following the recent fall in wholesale energy costs.

• The move follows a report last week from the Competition and Markets Authority (CMA), which found that some retailers have been charging drivers 6p more per litre for fuel. This amounts to £900m in extra revenue in 2022 alone from the four fuel supermarket retailers - around £75m a month.

• Energy Secretary Grant Shapps will now call on these retailers to agree to the CMA’s voluntary scheme that would see them share their accurate road fuel prices by August - to improve transparency and competition in the market.

• Retailers will be warned to act now or face the full force to the law – under government’s plans to legally force retailers to comply with sharing their price information. This will in turn drive down prices for customers and help to ease the cost of living.

• The Energy Secretary is expected to report on progress with the retailers following the meeting today, as he continues to hold them to account over poor practises in the market.

• Last week, the government also announced its plans to task a public organisation yet to be decided, that will closely monitor the UK road fuel market, scrutinise prices and alert government if further intervention is needed in the market.

Read the latest issue of the OGV Energy magazine HERE