Supermarkets are set to be told to slash their prices at the pumps, after it was found that drivers are being ripped off in terms of petrol and diesel. The competition watchdog will next week publish a report, exposing how forecourts across the UK have increased their profit margins on fuel across the board, over the last four years.
Pump prices set by supermarkets are on average 5p per litre higher than they would have been, should 2019 levels remained in terms of margins, with the Competition and Markets Authority announcing a review of fuel pricing which will be published Monday.
It comes after meetings with Chancellor Jeremy Hunt, yesterday (June 28).
Read more: AA shares six tips to help drivers reduce petrol and diesel costs by 10%
The Mirror reports that the regulatory body will also produce a detailed report into the grocery shopping market next month, before providing information on the housebuilding industry and private rental market this summer. Mr Hunt held talks with the CMA, as well as regulators for UK energy, water and communications, to enquire as to what powers can be used to help lower prices - as firms are accused of profiteering through price hikes.
The Financial Conduct Authority has also agreed to report by the end of next month on how the savings market is operating, in a bid to secure higher interest rates be passed onto savers. The largest banks will be required to 'explain the pace and extent of their pass through of interest rates', as well as how they are 'proactively supporting savers' to make the switch to higher-rate products.
Ofcom will 'take action to push suppliers' to offer cheaper broadband and mobile tariffs to those on the lowest incomes, while Ofwat will crack down on companies not going far enough to support struggling customers. In terms of energy, Ofgem will ensure that suppliers are passing falling prices onto UK customers also.
Following the meeting with regulators, the Chancellor said that they would act urgently to assist consumers, and that he would personally keep a 'watchful eye' on the activity of firms. He said: "I am pleased we've secured agreement with the regulators to act urgently in areas where consumers need most support to ensure they are treated fairly.
"We are working hard to halve inflation this year and return to the two per cent target. Businesses must play their part too and I will keep a watchful eye on the progress they make."
