Dan Turnbull, Senior Director of Markets at the CMA, stated: "While fuel prices have fallen since July, drivers are paying more for fuel than they should be as they continue to be squeezed by stubbornly high fuel margins. We therefore remain concerned about weak competition in the sector and the impact on pump prices."
According to the CMA, fuel margins remain higher than historical levels. Supermarket fuel margins increased from 7% in April to 8.1% in August, while non-supermarket fuel margins rose from 7.8% to 10.2% during the same period. The sustained increase suggests that competition in the road fuel retail market remains weak.
The CMA noted that fuel prices fell from June to October, driven by global factors such as crude oil costs. Average petrol and diesel prices at the end of October were 134.4p and 139.7p per litre, respectively-a decrease of 10.0p and 10.4p.
The retail spread-the difference between the price drivers pay at the pump and the benchmark price retailers pay for fuel-remains above the long-term average of 5p to 10p per litre. From July to October, petrol averaged 14.9p per litre above the benchmark, while diesel averaged 16.3p per litre.
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