The competition regulator has announced it will carry out a “short and focused review” of fuel prices. Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), said record pump prices are “causing significant concern” for millions of people.
The review was requested by Business Secretary Kwasi Kwarteng on Saturday. He expressed concern that the 5p per litre cut in fuel duty implemented in March has not stopped prices from soaring.
“The British people are rightly frustrated that the £5 billion package does not always appear to have been passed through to forecourt prices,” he wrote. Figures from data firm Experian show the average price of a litre of petrol at UK forecourts climbed to a record 185.0p on Sunday.
