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Energy Update
16 January 2024
Type
Written Ministerial Statement
Department
Department for Energy Security and Net Zero
At a Glance
Issue Summary
The statement addresses the Government's road fuels consultation to enhance market competition, price transparency, and consumer protection.
Action Requested
The Government is publishing a consultation that will close on March 12, 2024. The consultation aims to implement a statutory open data scheme for fuel prices and establish an ongoing monitoring function by the Competition and Markets Authority (CMA).
Key Facts
- There are 41.2 million vehicles in the UK.
- Since Spring Budget 2023, drivers have saved around £10 billion over two years from a 5p fuel duty cut.
- In 2022 alone, higher margins by four large supermarkets cost consumers an additional £900 million.
- Motorway retailers charge around 20 pence per litre more for petrol and 15 pence per litre more for diesel than elsewhere in the UK.
- The open data scheme will increase price transparency for consumers and benefit app developers.
- The CMA will undertake an ongoing monitoring function to assess competition.
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