After years of pleading and begging, the Government has finally listened to drivers and unveiled plans to launch its long-awaited fuel price checker to help motorists save money at the pumps.
The so-called PumpWatch scheme will require fuel retailers to share real-time price data and update their services within 30 minutes of a change, promoting competition and lowering prices.
It is hoped this will help drivers see much-needed savings at the pumps after being battered by various motoring costs over the past two years thanks to vehicle tax and car insurance reaching record levels.
The scheme promises to legally require fuel retailers to share live information, potentially saving Britons 3p per litre, with Energy Affordability Minister Amanda Solloway saying the new rules will “keep costs down and ensure hardworking people are getting a fair deal”.
Major retailers will be forced to publish live data of their pump prices
GETTY
A saving of three pence per litre doesn’t sound like a lot, but over the course of the year, those savings could really add up.
Let’s say you fill up a standard family car with a 55-litre tank once a week. That saving will be worth £85.80 over the course of the year. Drivers who get around more often will save even more, as will those with larger vehicles.
RAC data shows the average petrol price is slightly below £1.40 per litre, while diesel drivers still face higher costs at 147.78p.
Naturally, supermarkets will always be cheaper given the amount of fuel they buy, but the UK average still pales in comparison to amounts paid by drivers in Northern Ireland.
Drivers across the country can benefit from cheaper costs. Coleraine is selling petrol for 130.5p per litre – a price not seen in the rest of the UK since June 2021, while forecourts in Omagh are just 0.7p off breaching the £1.40 mark for diesel.
Motorists have been robbed at the pumps for far too long and it's high time that the Government acts to help Britons keep money in their pockets.
The Competition and Markets Authority (CMA) forced the hand of a number of major retailers by suggesting that they sign up to a voluntary fuel price scheme, with supermarkets now publishing daily costs on its website.
However, those retailers only agreed to share the information after a report from the regulator found supermarkets had overcharged people 6p per litre between 2019 and 2022.
This added £900million in extra charges to the bills of motorists across the UK in 2022 alone in a sickening display of profiteering.
Now with a mandatory scheme, major retailers will be put under the microscope even more. Every price increase will be questioned, while every price drop will be celebrated.
Howard Cox, founder of FairFuelUK, said he was “delighted” at the introduction of PumpWatch after “a decade of campaigning” and lobbying of the Government.
He made his feelings clear and took aim at retailers saying there was nowhere to hide for the “fuel supply chain bandits” and their “perennial profiteering”.
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The aim of PumpWatch is to force petrol and diesel prices down with increased competition
PA
The Government can make another clear statement of intent on March 6. In the Spring Statement, Chancellor Jeremy Hunt can extend the cut on fuel duty for another 12 months and let drivers see prices at the pumps not seen since before the pandemic.