Drivers are still being ripped off at the pumps as major retailers and supermarkets fail to pass on costs for motorists buying petrol and diesel.
A new report from the Competition and Markets Authority (CMA) shows that petrol and diesel prices increased marginally between the end of May and the end of August.
Motorists are now paying an average of 133.9p per litre for petrol, while diesel now costs 141.9p, with drivers seeing prices rise by 1.9p and 3.5p per litre respectively.
The CMA identified that changing oil prices and refining spreads were changing as a result of global factors, including uncertainty in the Middle East.
Between April and June, supermarkets saw their margins increase compared to the previous three months, meaning they hiked the difference between what they pay for fuel and the price they sell it for.
Fuel margins remain far above historic levels, as supermarkets have a margin of 8.4 per cent in the first half of the year compared to just four per cent in 2017.
Similarly, fuel margins at major retailers have jumped from 6.4 per cent in 2017 to a staggering 9.8 per cent between January and June.
The CMA said it would take into account the operating costs of major retailers and supermarkets in the next road fuel monitoring report later this year.
Drivers are still facing expensive petrol and diesel costs at the pumps
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Dan Turnbull, Senior Director of Markets at the CMA, acknowledged that drivers had been paying more at the pumps in recent months.
He added: "While recent price rises are partly explained by an increase in the price of oil, what's deeply concerning is that fuel margins - a key indicator of retailer profit - remain far above historic levels."
Mr Turnbull also noted that the Government plans to address fuel prices by launching a new scheme before the end of the year.
"The Fuel Finder scheme we recommended to Government will help combat this trend, pushing retailers to be more competitive as drivers are empowered with real-time pricing data - making shopping around easier than ever," he said.
Petrol and diesel prices have fluctuated wildly in recent months | PALATEST DEVELOPMENTS:
The CMA first called for a Fuel Finder-style tool to be installed in July 2023, following fluctuating petrol and diesel prices across the country.
Drivers in Northern Ireland benefit from the Consumer Council's Fuel Price Checker, which provides a detailed breakdown of fuel prices across the country.
At present, petrol and diesel prices in Northern Ireland are between six and seven pence cheaper than the rest of the UK, despite prices rising over the last week.
The Fuel Price Checker also shows that drivers in Cookstown, in the centre of the country, have the lowest average prices at 124.8p for petrol and 129.2p for diesel.
The Fuel Finder tool is expected to launch later this year
| PAThe 2024 Autumn Budget confirmed that the Fuel Finder scheme would be set up before the end of 2025, subject to Parliamentary time.
It will require all UK retail petrol stations to report prices and the unavailability of fuel within 30 minutes of any changes.
Fuel Finder, which was included in the Data (Use and Access) Act, received Royal Assent in June and provided the legislative basis to set the scheme up.
A spokesperson for the Department for Energy Security and Net Zero told GB News that Fuel Finder remained on track.
They 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."