JEREMY Hunt today backs a “crackdown” on greedy supermarkets ripping customers off with high petrol prices.
He spoke out ahead of a competition watchdog report – out on Monday – which will slam the retailers for charging too much at the pump.
PumpWatch price comparison website set to be created
They are poised to recommend a PumpWatch comparison website is set up, in a major victory for our Keep it Down campaign.
This would tell drivers fuel prices in their area. Greater transparency will drive prices down, the regulator believes.
Speaking to Trending In The News on Sunday, the Chancellor said: “No one has campaigned harder than Trending In The News on Sunday to make sure drivers are not paying over the odds at the pump, and I am committed to getting a fair deal for motorists.
“I met with watchdogs this week to work out how to reduce everyday costs, and they have my 100 per cent backing to crack down on any unfair treatment of customers.”
The Competition and Markets Authority launched their probe into fuel prices last December amid alarm that falls in oil prices were not being passed on to punters.
In a withering interim report earlier this year, they found that supermarkets were pocketing an extra 5p per litre in profit compared to 2019 levels.
The watchdog fumed: “Average supermarket pump prices appear to be around 5 pence per litre more expensive than they would have been had their average percentage margins remained at 2019 levels.
“Although supermarkets still tend to be the cheapest retail suppliers of fuel, evidence from internal documents indicates that at least on supermarket has significantly increased its internal forward-looking margins over this period.”
Earlier this week, MPs slammed supermarket bosses over petrol profiteering.
In a shocking admission, Morrisons boss David Potts admitted supermarkets have increased profits at the petrol pumps.
He admitted “we can do more” to bring costs down.
