Oil: Prices

(asked on 19th January 2022) - View Source

Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, whether he has made an assessment of the potential merits of establishing a pumpwatch body to monitor petrol and diesel prices to ensure that the prices motorists pay reflect changes in the wholesale oil price.


Answered by
Greg Hands Portrait
Greg Hands
This question was answered on 24th January 2022

The Government believes that it is essential for consumers to get a fair deal when they visit the pumps. The Department actively monitors fuel prices, and its analysis shows that both rises and falls in the price of crude oil reach the pumps within seven weeks. An open and competitive market is the best way to keep prices low; a new regulator is not necessary. If people have evidence of anti-competitive practices in the fuel supply sector, this should be passed onto the Competition Markets Authority.

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