The UK's competition regulator has called on people to respond to a consultation which could set out the basis of new rules designed to slash petrol and diesel prices for drivers.
The Competition and Markets Authority (CMA) has launched a consultation regarding the introduction of the long-awaited Fuel Finder scheme.
The tool would require all UK retail filling stations to report prices and the unavailability of fuel within 30 minutes of a change.
Fuel Finder was created following recommendations from the CMA for the Government to provide an open data scheme for fuel prices.
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Documents included in the 2024 Autumn Budget outlined that the impact of fluctuating fuel prices could be eased by greater transparency and competition between major retailers and supermarkets.
Modelling from the Government suggests that Fuel Finder could reduce fuel costs by between one and six pence per litre, with the Government calling for drivers to get a "fair deal for fuel across the UK".
The new CMA consultation states that the regulator will publish final guidance on or before the start of the Fuel Finder scheme, which is set to launch at the end of the year.
The CMA is calling on stakeholders to share feedback on the "enforcement functions" of the Fuel Finder scheme.
Subject to Parliamentary time, the Fuel Finder scheme could be launched this year
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It added that it would be particularly interested in hearing from motor fuel traders, given that they will be required to register with the scheme to report price changes.
The regulator is questioning whether the proposals included in the draft guidance are appropriate and how complaints could be handled.
It also asks for opinions on various options to introduce financial penalties on motor fuel traders who do not comply with Fuel Finder rules.
People can share their feedback on the CMA's website, with the consultation set to close at 5pm on Monday, November 3.
The Fuel Finder scheme could help cut prices by between one and six pence per litre
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Motoring organisations have long called for a Fuel Finder scheme across the UK to mirror the Consumer Council's Fuel Price Checker in Northern Ireland.
This displays the cheapest, average and most expensive prices in all towns and cities across the nation, with drivers in Northern Ireland saving at least seven pence per litre compared to motorists in England, Scotland and Wales.
At present, the UK average for unleaded is 135.19p and 143.01p for diesel. However, drivers in Northern Ireland are spending just 128.2p for petrol and 134.3p for diesel.
Motorists in Dungannon and Ballymena can see major savings with petrol selling for an average of 124.9p, while fuel stations in Cookstown are charging just 129.8p for diesel.
Drivers in Northern Ireland benefit from cheaper petrol and diesel prices compared to the rest of the UK | PAA Department for Energy Security and Net Zero spokesperson told GB News that the Fuel Finder scheme was "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."