Fuel retailers will be made to share live pricing information within 30 minutes of any changes under new Pumpwatch proposals.
The new scheme from the Department for Energy Security and Net Zero (DESNZ), which is out for consultation, looks to help drivers find the best deals and could save customers 3p per litre, Sky News reported.
It comes as insurance company RAC found that “retailer margins remain far higher than normal, particularly at supermarkets”.
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RAC data found that an average of 10p a litre is being taken on unleaded compared to 3.5p in 2019.
Under the government’s new plans, data sharing would be made a legal requirement across the UK, available to online platforms such as map providers, motoring companies and journey planning tools.
Energy security secretary Claire Coutinho said: “Our work on competition and transparency is working. Drivers are now paying the lowest average price at the pump for two years.
“We are forcing retailers to share live information on their prices within 30 minutes of any change in price, helping drivers to find the best deal at the pump.
“This will put motorists back in the driving seat and bring much-needed competition back to the forecourts.”
Last year a Competition and Markets Authority (CMA) investigation found that drivers getting fuel from the UK’s four main supermarket-owned forecourts had paid an additional £900m for fuel last year as a result of retailers hiking profit margins.
In the wake of this, the CMA set out a voluntary scheme, asking retailers to release their fuel pricing information.
In August, Asda became the first grocer to publish local fuel prices online, allowing motorists to check the price of petrol or diesel before they travel to one of the supermarkets’ filling stations.
