Consultation launches on scheme for real-time fuel price information

Feedback is being sought on government’s proposals for the new Pumpwatch scheme which would see all fuel stations across the country legally required to share real-time price information.

Under the new proposals, forecourts across the country will be legally required to share live information on their pump prices within 30 minutes of any change in price, which could save drivers 3p per litre on fuel by helping them find the best deal at the pump.

This freely available data will enable tech companies to develop new ways for the UK’s 41.2 million drivers to search for the cheapest fuel while on-the-go - via everyday mobile apps, online mapping platforms, journey planning tools, price comparison websites and in-car devices.

This has come about after some fuel retailers were found to be overcharging customers.

Twelve of the biggest retailers, including all 4 fuel-selling supermarkets, have already signed up to an interim voluntary scheme run by the Competition and Markets Authority (CMA) to share their daily prices – with some news outlets and websites using this data to offer price comparisons.

Last year, a report by the CMA revealed some retailers had failed to pass on savings in oil prices - charging drivers 6p more per litre for fuel, which amounted to £900 million in extra costs in 2022 alone.

At the end of 2023, the government appointed the CMA as the body responsible for monitoring the road fuel market, to increase transparency and competition in fuel pricing. The watchdog will also shine a light on any attempt from retailers to overcharge drivers, advising government on any further action required to make competition work well.

The consultation also covers some elements of the CMA’s new role in monitoring the road fuel market. Industry have been asked for their views on several areas, including the topics the CMA will focus on, the frequency of reporting, and support to help businesses with the CMA’s information requests.

The government is also planning new legislation under Digital Markets, Competition and Consumers Bill that will deliver on a manifesto commitment to tackle consumer rip-offs and bad business practices, including fake reviews and subscription traps. The Bill introduces new powers for the CMA to take action against bad business practices more quickly, without needing lengthy court action and with penalties for those breaking consumer law.