FinanceGenerationTop Stories

UK Energy Secretary warns retailers: Act or face legal consequences

Grant Shapps has issued a stern warning to retailers, urging immediate action or else face severe legal repercussions for their practices in the wake of fuel price hikes

Energy Secretary Grant Shapps has called for a roundtable meeting today with major UK supermarkets, fuel retailers and oil companies to discuss the escalating issue of fuel price hikes.

The aim of the meeting is to address concerns regarding the potential overcharging of drivers at the pump.

The Competition and Markets Authority (CMA) recently released a report highlighting that certain retailers have been charging an additional 6p per litre for fuel, resulting in an estimated £900 million in extra revenue in 2022.

This alarming finding has prompted Shapps to hold these retailers accountable for their pricing practices, particularly in light of falling wholesale energy costs.

During the meeting, Shapps will urge the retailers, including Asda, Tesco, Morrison’s, Sainsbury’s, bp, Shell and Esso, to adopt the CMA’s voluntary scheme.

This scheme requires retailers to share accurate road fuel prices by August, enhancing transparency and promoting fair competition in the market.

Related Posts