Petrol stations around the UK could soon face fines for not reporting their daily fuel prices under a new scheme set to be introduced in the near future to help motorists.
The Digital Markets, Competition and Consumers Act was passed into law in May with the aim of boosting consumer rights across the UK across several sectors.
The Act has given new powers to the Competition and Markets Authority (CMA) to closely monitor road fuel prices and report any signs of malpractice to the Government.
This will hopefully boost the amount of access motorists have when looking for the cheapest fuel prices in their area, through the Government's highly-anticipated PumpWatch scheme.
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Petrol stations could be fined for not adhering to the new CMA rules
PAMajor retailers and popular supermarkets will be required to report and update fuel prices to help encourage competition among brands and force prices down for drivers who have dealt with expensive costs for years.
A consultation was launched by the CMA in May and ended in mid-July asking respondents what the penalties should be if companies fail to comply with competition requirements, as well as how this would be enforced.
According to the consultation documents, the maximum penalty for retailers who do not comply with the new terms of the Act could be one per cent of its worldwide turnover.
Another daily penalty suggested in the consultation could equate to five per cent of daily turnover - or they could face both punishments.
Some popular supermarkets and major retailers already publish their daily fuel prices on their own websites, although the Government's PumpWatch scheme will aim to have the data in one centralised place.
In the long term, it is hoped that this information will be available via an app, as well as being able to integrate with in-car map apps, like Waze or Google Maps.
Reacting to the consultation, Gordon Balmer, executive director of the Petrol Retailers Association, said: "It is not yet clear if this will include smaller dealer groups or single site operators.
"However, the PRA has been heavily involved in discussions with the CMA to help them to understand our business and to try to shape policy to provide a fair outcome for our members," he told Forecourt Trader.
In recent weeks, petrol and diesel prices have been falling to costs not seen since the start of the year. Petrol currently costs an average of 142.61p per litre, while diesel is 147.46p.
According to RAC Fuel Watch, prices of unleaded and diesel should continue to fall in the near future, as should the price of super unleaded and premium diesel.
Fuel prices in Northern Ireland tend to be cheaper than pump prices in England, Scotland, and Wales since the creation of the Consumer Council Fuel Price Checker.
This allows motorists to compare prices in their area with neighbouring towns and cities to get the best price for them, with prices 4.6p cheaper in Northern Ireland for petrol and 7.76p less for diesel.
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Petrol and diesel prices are cheaper in Northern Ireland than in England, Scotland and Wales
PAThe website shows how Omagh has the cheapest petrol at just 130.8p per litre - 7.3p below the Northern Ireland average. Despite being the most expensive in Northern Ireland, Bangor still charges less for petrol than the national average.
Similarly, Omagh has the cheapest diesel prices at just 135.3p per litre, while Bangor charges the most for diesel at 142.4p.
