Business Secretary Kwasi Kwarteng has urged the UK's competition watchdog to conduct an urgent review into whether a 5p fuel duty cut is being passed on quickly enough to drivers. He has reportedly asked the Competition and Markets Authority (CMA) to examine the fuel market and whether there are local variations in petrol and diesel prices.
This comes as the cost of filling an average family car has now hit a record £100. The CBI has warned households will go into recession later this year reports the BBC. The Petrol Retailers Association, which represents independent fuel retailers, said it "welcomed transparency regarding fuel pricing".
Fears over oil supply due to Russia's invasion of Ukraine have seen pump prices rise steadily since February. The average price of a litre of petrol at UK forecourts reached a new record of 183.2p on Thursday, according to data firm Experian.
