Iain Stewart, MP for Milton Keynes South, has today referred to research conducted by MKFM during a chamber discussion on petrol prices.
Research conducted by MKFM back in November of last year has today been referred to in the Chamber as discussions take place about fuel.
The Competition and Markets Authority (CMA) has today (3/7) released its final report in a year-long investigation into fuel prices and the current market.
Increased profit margins have led to drivers paying an extra 6p per litre for fuel last year.
In November of last year, MKFM called for fairer petrol prices for Milton Keynes drivers. Research by MKFM found that residents are paying 10p more per litre than other areas.
8 months on and residents in Milton Keynes are still facing slightly higher costs. Today (3/7), the cheapest supermarket fuel available in the city can be found at Asda, priced at 144.7p. If you head to neighbouring town Bedford, the cheapest supermarket fuel can be found at Tesco for 139.9p.
Iain Stewart, MP for Milton Keynes South, has today referred to the report issued by MKFM. Asking for the government to 'keep an eye' on price differentiation across areas, to which it was agreed that a new monitoring function would be widely welcomed.
Within the report released today, it has been revealed that Asda has been fined £60,000 in total for failure to provide information when required.
According to the report, in 2022, Asda and Morrisons each made the decision to target higher margins. While the CMA found that other retailers, including Sainsbury’s and Tesco, raised their prices in line with these changes.
The regulator has also announced plans to launch a new 'fuel finder' tool, which should 'drive down prices and help people find cheapest fuel'
Sarah Cardell, Chief Executive of the CMA, said: "Competition at the pump is not working as well as it should be and something needs to change swiftly to address this. Drivers buying fuel at supermarkets in 2022 have paid around 6 pence per litre more than they would have done otherwise, due to the four major supermarkets increasing their margins.
"This will have had a greater impact on vulnerable people, particularly those in areas with less choice of fuel stations.
"We need to reignite competition among fuel retailers and that means two things. It needs to be easier for drivers to compare up to date prices so retailers have to compete harder for their business.
"This is why we are recommending the UK government legislate for a new fuel finder scheme which would make it compulsory for retailers to make their prices available in real time. This would end the need to drive round and look at the prices displayed on the forecourt and would ideally enable live price data on satnavs and map apps."
A new fuel monitoring body has also been proposed by the CMA.
The full report can be found here.
