UK: High fuel margins continue to inflate pump prices for motorists
UK: High fuel margins continue to inflate pump prices for motorists . By Caribbean News Global LONDON, England –  Today’s interim monitoring report sets out the CMA’s observations on developments in the road fuel retail market since the previous update in July 2024. Fuel margins remain higher than historic levels; CMA remains concerned about weakened competition in fuel retail sector; Drivers set to benefit from scheme tracking […]
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By Caribbean News Global

LONDON, England – Today’s interim monitoring report sets out the CMA’s observations on developments in the road fuel retail market since the previous update in July 2024.

Fuel margins remain higher than historic levels;

CMA remains concerned about weakened competition in fuel retail sector;

Drivers set to benefit from scheme tracking real-time fuel prices next year.

Dan Turnbull, senior director of markets at the Competition and Markets Authority, (CMA), said:

“While fuel prices have fallen since July, drivers are paying more for fuel than they should be as they continue to be squeezed by stubbornly high fuel margins. We therefore remain concerned about weak competition in the sector and the impact on pump prices.

“With that in mind, we are pleased the government is progressing with our recommendations. These measures will empower drivers to find the cheapest fuel prices wherever they are in the UK, increase competition and support the economy – the more people save on fuel, the more they have to spend in other areas.”

Fuel margins

Fuel margins of retailers – the difference between what a retailer pays for its fuel and what it sells at – remain around the high levels seen during the CMA’s road fuel market study. […]

Road fuel market study

At the end of its road fuel market study, the CMA recommended a new monitoring function and fuel finder scheme. The previous government accepted those recommendations and determined the CMA would take on the new statutory monitoring function. The new government has since confirmed its commitment to implementing both measures. […]

Read the CMA’s latest interim road fuel monitoring update in full.

Meanwhile, OPEC daily basket price stood at $73,58 a barrel Monday, 25 November 2024, the price of OPEC basket of twelve crudes stood at $73,58 a barrel on Monday, compared with $74,43 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

57th JMMC Meeting and 38th ONOMM moved to 5 December

The 57th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 38th OPEC and non-OPEC Ministerial Meeting (ONOMM), originally planned for 1 December 2024, have been rescheduled to Thursday, 5 December 2024, via videoconference, as several ministers will be attending the 45th Gulf Summit in Kuwait City, the State of Kuwait.
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2024-11-28
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By Caribbean News Global LONDON, England –  Today’s interim monitoring report sets out the CMA’s observations on developments in the road fuel retail market since the previous update in July 2024. Fuel margins remain higher than historic levels; CMA remains concerned about weakened competition in fuel retail sector; Drivers set to benefit from scheme tracking […]
The post UK: High fuel margins continue to inflate pump prices for motorists appeared first on Caribbean News Global.
UK: High fuel margins continue to inflate pump prices for motorists