The CMA noted that despite recent falls in fuel prices, the margins charged by fuel retailers remain 'stubbornly high', significantly impacting drivers' costs. With supermarket fuel margins climbing from 7% in April to 8.1% by August, and non-supermarket margins even more sharply from 7.8% to 10.2% in the same timeframe, competition in the fuel sector appears weak, raising concerns on its overall impact on consumer prices and spending capacity.
Dan Turnbull, senior director at the CMA, articulated that the current fuel prices exceed what drivers should be paying, reflecting a troubling level of market competition. He emphasized the Government's commitment to implementing CMA's recommendations, which aim to empower consumers to locate the cheapest fuel options available, hence spurring economic activity as savings on fuel lead to increased discretionary spending.
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