Ministers considering creating a ‘pumpwatch’ fuel watchdog to prevent retailers from ripping off drivers by failing to pass on cuts in the price of petrol and diesel
- Chancellor Jeremy Hunt and Business Secretary Grant Shapps examining idea
- A decision could be made as soon as the March Budget to get things moving
Ministers are examining plans for a fuel watchdog to prevent drivers from being ripped off at the pumps.
Chancellor Jeremy Hunt and Business Secretary Grant Shapps are said to be looking at a system to make petrol and diesel retailers pass on cuts in wholesale costs to consumers.
A report into the situation is expected to be completed by the end of February and a decision made as soon as the March Budget.
Campaigners have called for an initial voluntary system but believe powers including the ability to name and shame garages ripping off drivers could be brought in if retailers fail to take action, the Sun reported.
Between October 10 and December 8, petrol prices fell just three per cent, despite wholesale costs tumbling by 22 per cent
Chancellor Jeremy Hunt and Business Secretary Grant Shapps are said to be looking at a system to make petrol and diesel retailers pass on cuts in wholesale costs to consumers.
It comes after 29 MPs last month called for the establishment of a watchdog. Politicians including former ministers Priti Patel and Dame Andrea Leadsom backed the move.
It comes after 29 MPs last month called for the establishment of a watchdog. Politicians including former ministers Priti Patel and Dame Andrea Leadsom backed the move.
They acted after stats showed that between October 10 and December 8, petrol prices fell just three per cent, despite wholesale costs tumbling by 22 per cent.
Diesel prices hardly changed as the wholesale cost plunged by 25 per cent.
There was fresh hope Britain might be over the worst of the cost of living pain as producer price inflation continued to slow in December.
According to data from the Office for National Statistics, producer input prices – the price of materials and fuels bought by UK manufacturers – rose by 16.5 per cent in the year to December.
This was a fall from 18 per cent in the year to November 2022 and down from the eye-watering record high of 24.6 per cent in the year to June 2022.
It is the sixth consecutive month that the annual rate of input producer price inflation has slowed.
The ONS said the prices of equipment and petrol had driven the decline in both input and output producer price inflation.
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