Motorists may soon experience a welcome change at the pumps, thanks to a new law that could potentially save them money.
The Government has recently passed a new legislation, enabling them to monitor any irregularities in pricing at petrol and diesel stations. This move comes in response to drivers being burdened with soaring fuel prices.
Given the current scenario where the UK reportedly boasts the highest diesel prices in Europe and one of the highest petrol prices as per RAC breakdown experts, this step is deemed crucial. The newly-implemented Digital Markets, Competition and Consumers Act could reduce prices and curb price gouging activities by retailers with high margins on refuelling.
According to Lancs Live, new driving laws in June could see petrol and diesel car owners slapped with hefty fines.
Currently, the average cost for a litre of petrol stands at 149p, while diesel is priced at 155p. Both prices significantly surpass the European averages, reports the Express.
As per the new legislation which came into effect on May 24, The Act will also grant new powers to the CMA to closely scrutinise road fuel prices and report any signs of malpractice to the government. This might suggest a decrease in prices once the law is fully operational, hinting that it might be beneficial to wait before filling up to see if prices do indeed drop.
An RAC spokesperson echoed the frustrations of consumers, stating: “We can see no good reason why retailers in Great Britain aren’t cutting their prices at the pumps. It’s important to note that in Northern Ireland, where there is greater competition for fuels in the absence of supermarket dominance, the average price of diesel is just 144.9p 10p less than the UK average, and petrol is 6p cheaper at 142.4p.”
“There is cause for hope for fairer fuel prices in the future as the Digital Markets, Competition and Consumers Act became law on Friday, giving new powers to the Competition and Markets Authority to closely monitor road fuel prices and report any sign of malpractice to the Government.”
In related news, tanker drivers who supply garage forecourts and aviation fuel are set to strike over a pay dispute. Unite members based at Stanlow oil refinery will stage walkouts from June 6-8 and 13-15, which the union warns will affect deliveries across the North West and Scottish Borders.
The drivers, employed by Hoyer recently rebranded as Oxalis argue that their pay offer is significantly lower than that of their colleagues in other parts of the country. The company has assured that it has contingency plans in place to ensure its operations continue.