Fuel Retailers Under Pressure to Swiftly Communicate Price Shifts in Pumpwatch Program

Fuel retailers may soon be compelled to promptly disclose changes in prices as part of the government’s Pumpwatch initiative, aimed at ensuring fairness in fuel costs. The Department for Energy Security and Net Zero (DESNZ) introduced the Pumpwatch proposals, asserting potential savings of 3p per litre for consumers. The plan, currently under consultation, mandates forecourts to update prices within 30 minutes of any alterations, facilitating drivers in locating the most cost-effective petrol and diesel options. This initiative is an extension of a previous voluntary price monitoring system established following a Competition and Markets Authority (CMA) investigation into the fuel market in the preceding year. The CMA inquiry revealed that drivers faced a collective overcharge of £900 million in 2022, primarily attributed to supermarkets neglecting to pass on reductions from declining oil prices. While the new proposal does not involve the development of a unified price comparison app, the data will be accessible to online platforms, including mapping services, motoring associations, and journey planning tools.