Companies are being urged to respond to a groundbreaking consultation that will form the basis of a highly anticipated tool that could slash fuel prices for millions of drivers.
The Fuel Finder scheme is expected to launch before the end of the year and will require all UK filling stations to report prices.
Any updates will be made within 30 minutes of price changes or the unavailability of fuel, in a bid to help drivers save money.
The Government announced last year that the scheme would be introduced by the end of 2025, subject to parliamentary timings and legislation being passed.
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According to projections from the Government, once the scheme is in effect, drivers could save between one and six pence per litre when filling up.
The Competition and Markets Authority (CMA) launched a consultation to hear opinions on the enforcement functions of the Fuel Finder scheme.
It questioned whether interested stakeholders, especially motor fuel traders, had comments on potential penalties for groups that fail to abide by the rules of the Fuel Finder.
This could include:
- A fixed amount of up to one per cent of worldwide turnover
- A daily rate of up to five per cent of daily worldwide turnover
- In the case of a combination of a fixed amount and a daily rate, up to one per cent of worldwide turnover and five per cent of daily worldwide turnover, respectively
Subject to Parliamentary time, the Fuel Finder scheme could be launched this year | PA/GETTYAt the end of September, the CMA held an internal state of play (ISOP) meeting to assess themes being explored in the market study.
The conclusion of the meeting was to continue focusing on public procurement, barriers in the market and supply-side features.
The CMA consultation will end today (Monday, November 3) at 5pm, with interested parties urged to take part.
A Department for Energy Security and Net Zero (DESNZ) spokesperson confirmed to GB News that the Fuel Finder scheme was "on track".
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The Fuel Finder scheme could help cut prices by between one and six pence per litre | PAThey added: "Retailers must give drivers a fair price for their fuel, by passing on any savings at the pump. Fuel Finder will ensure retailers share real-time prices, making them more accountable to drivers.
"We have also given the Competition and Markets Authority powers to monitor competition in the road fuel market, to make sure people aren't being charged rip-off prices when they fill up."
The latest data from RAC Fuel Watch outlines that drivers are currently paying 135.33p per litre for petrol and 142.91p for diesel.
While the RAC does not anticipate any significant changes in price in the near future, the Fuel Finder scheme could help slash costs.
A DESNZ spokesperson confirmed that Fuel Finder is on track
| PADrivers in Northern Ireland already benefit from a Fuel Finder-type scheme, namely the Consumer Council Fuel Price Checker.
The tool helps motorists see the cheapest and most expensive fuel in towns and cities across the country, making prices more competitive and helping drivers save significant amounts compared to those in England, Scotland and Wales.
On average, petrol in Northern Ireland costs 127.9p, while diesel drivers are paying just 133.9p - almost 9p per litre cheaper than compared to the rest of the UK.
Motorists in Dungannon are paying just 124.9p for petrol, while filling stations in Cookstown are only charging 129.8p.