Asda, one of the top four supermarkets in the UK, has been accused of breaking its promise to offer the cheapest fuel prices. According to the RAC’s monthly Fuel Watch Report, Asda is now the most expensive option for filling up your car when compared to Morrisons, Sainsbury’s, and Tesco. On average, these supermarkets offer petrol that is 2.1p cheaper per litre and diesel that is 2.5p per litre less expensive than Asda.
Despite Asda’s claims that the RAC’s findings do not accurately represent their fuel prices, the RAC spokesperson, Rod Dennis, criticized the supermarket for failing to keep its fuel prices down. This comes at a time when the UK has experienced its first monthly drop in fuel prices for the year, following a 10 pence per litre increase at the beginning of May. Diesel prices in the UK have also reached record highs, making it the most expensive place in Europe to purchase diesel.
The new Digital Markets, Competition and Consumers Act, recently passed in the UK, will empower the Competition and Markets Authority (CMA) to prevent fuel retailers from overcharging customers. Dennis believes that this new legislation will lead to greater transparency in pump prices for drivers and ensure fairer pricing practices in the industry.
In the midst of these developments, the CMA will have the authority to investigate instances where wholesale price drops are not being reflected at the pump, a situation that the RAC’s analysis has shown to still be occurring. By closely monitoring fuel prices, the CMA aims to protect consumers from unfair pricing strategies and promote healthy competition among retailers.
As the UK continues to navigate fluctuating fuel prices and increasing competition in the market, consumers can expect greater scrutiny and regulation to ensure fair pricing and transparency. Stay informed on the latest developments in the automotive industry by signing up for the Auto Express email newsletter.