Grant Shapps is retreating from plans to pass legislation that would see supermarkets forced to provide customers with live, transparent fuel price data.
Earlier this month, the energy minister told The Sun that he would “change the law” and would be “slamming the brakes down on the mistreatment of motorists” as sky-high fuel prices have surged in recent months.
However, having met with bosses at Tesco, Sainsbury’s, Asda and Morrisons, as well as BP, Shell and Esso yesterday, Shapps has backed the Competition and Markets Authority’s voluntary scheme that asks supermarkets to release their fuel pricing information to give customers better comparison data on local rates, The Times reported.
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Following the meeting, Shapps said in a statement: “Today’s commitment to a more transparent market is a step in the right direction — and I welcome their support for the Competition and Markets Authority’s voluntary scheme, which aims to drive down prices and boost competition so customers can find the best deals locally.
“But I’m warning those who fail to put words into actions and continue to rip-off motorists: you will be held to account.”
Earlier this month, the CMA found that drivers obtaining fuel from the UK’s four main supermarket-owned forecourts had paid an additional £900m for fuel last year, as a result of the retailers having hiked their profit margins.
The watchdog claimed that Asda and Morrisons “each made the decision to target higher margins” on fuel sales in 2022, while Tesco and Sainsbury’s had priced by comparison to local competitors, rather than responding to cost changes in the market.
