Rachel Reeves issues 'high alert' over petrol pump profiteering as Chancellor summons industry leaders over pricing

Ms Reeves has also written to the Competition and Markets Authority, asking it to look out for unjustifiable rises in petrol, diesel and heating oil.

She says she “will not tolerate” firms exploiting the situation in Iran to make excess profits.

Prices have soared since the conflict broke out in the Middle East a fortnight ago.

Yesterday, Iran’s new Supreme Leader, Mojtaba Khamenei, said the "lever of blocking the Strait of Hormuz" should still be used, in remarks read out on state television.

The West was warned to “expect oil at $200 per barrel”.

The war has seen the cost of heating oil, which is not protected by Ofgem’s price cap, double.

Petrol and diesel have also become more expensive on the forecourts.

Ms Reeves said she was determined to support people with the cost of living “and will not stand by if firms use uncertainty as cover to push up prices and protect margins at the expense of drivers”.

“I will not tolerate any company exploiting the current situation to make excess profits at consumers’ expense,” she said. “I’m backing drivers and families — and I expect a fair deal at the pump.”

Her warning comes ahead of a No11 roundtable this evening, where petrol retailers and energy suppliers will be “pressed” on what they are doing to keep prices down.

Ms Reeves and Mr Miliband will ask for explanations as to why fuel prices vary so widely and what “immediate” steps are being taken to make sure motorists are not paying over the odds.

They will also ask how quickly costs will come down at the pump when the oil shock pressure eases.

Earlier this week, the Chancellor noted how wildly costs varied between forecourts, citing prices ranging from £1.27 per litre to £1.80.

Mr Miliband reminded customers that fuel retailers are obliged to sign up to Fuel Finder.

The Government-backed scheme was launched in February and requires petrol stations to report live fuel prices within 30 minutes of changes.

All major supermarkets are now providing real-time data to the scheme, with almost 90 per cent of retailers already registered.

Labour says it is taking action on the final 10 per

Mr Miliband said: “Tackling the cost of living is our number one priority – all fuel retailers must sign up for Fuel Finder so drivers can find the cheapest price at the pump.

“We will not hesitate to act to protect consumers against any unfair practices.”

Mr Miliband has already met with the CEO of the CMA to discuss ensuring consumers are protected from unfair price rises.

A Treasury spokesman said the Fuel Finder scheme, which lets drivers in the UK check fuel prices at every petrol station nationwide, could save households £40 a year at the pump.

The department said: “The message to any retailer dragging their feet is straightforward: if you won’t be transparent, you’ll be called out — because sunlight on prices is one of the strongest tools consumers have to force competition and drive costs down.”

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