Petrol and diesel drivers warned of new law changes that could have huge impact on fuel prices
Drivers could see petrol prices fall in the near future
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New laws could see drivers handed a fairer deal at the pumps after years of overcharging from greedy retailers for petrol and diesel.
The Digital Markets, Competition and Consumers Act received Royal Assent at the end of May, with the Government praising the new rules for helping consumers.
The aim of the Act is to stop businesses - predominantly those in the technology sector - from misusing their position to disadvantage competitors and consumers.
As part of the new rules, the Competition and Markets Authority (CMA) will be able to enforce consumer law directly, potentially handing a lifeline to struggling motorists.
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Some major retailers were accused of overcharging between 2019 and 2022
PAThe CMA will be able to closely monitor road fuel prices and report any sign of malpractice to the Government, with hopes this will boost competition among forecourts and lower prices.
There have long been calls for the Government to support Britons with petrol and diesel prices, especially following the CMA's groundbreaking report into major businesses overcharging for fuel.
It found that rip-off supermarket retailers were charging drivers 6p more per litre for fuel between 2019 and 2022.
This meant drivers were overcharged a staggering £900million in extra costs in 2022 alone - around £75million per month.
Drivers have also been promised the introduction of a fuel price checker, dubbed PumpWatch by some in the industry, to help motorists discover where they can make the most savings on fuel in their local area.
According to data from RAC Fuel Watch, prices of petrol and diesel on forecourts should fall in the near future, a sign that will be welcomed by hard-pressed motorists.
The current average price of unleaded petrol is 147.88p, while diesel drivers will need to fork out 153.58p per litre, with Britons having the most expensive diesel costs in Europe.
Prices will jump even further if drivers have the misfortune of visiting a motorway service station, where prices can be as much as 20p more expensive per litre.
Commenting on the new laws, Simon Williams, fuel spokesperson for the RAC, said: "There is cause for hope for fairer fuel prices in the future as the Digital Markets, Competition and Consumers Act became law on Friday, giving new powers to the Competition and Markets Authority to closely monitor road fuel prices and report any sign of malpractice to the Government.
"Despite the RAC bringing the issue to the attention of Energy Secretary Claire Coutinho in a letter just over a week ago, the price of diesel at the pump has barely fallen, even though the wholesale prices of petrol and diesel are identical at just 111p a litre.
"The average price of a litre of diesel should really be down to around the 145p level if retailers were charging fairer prices. The margin on petrol is also, in our view, unreasonably high at 13p."
The Digital Markets, Competition and Consumers Act will also allow Britons to more easily manage subscriptions by providing clearer pricing, banning fake reviews and give consumers greater control over what they are purchasing.
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PAThe CMA has warned that it will issue fines "reaching tens of billions of pounds" if companies fail to comply with its decisions, with these measures being balanced by "rigorous checks and balances".