Proactive Investors - Major supermarkets such as Tesco PLC (LON:TSCO) and J Sainsbury (OTC:JSAIY) along with other fuel retailers are being urged to provide the government with live prices of petrol and diesel in a scheme to help drivers save money.
Earlier this month, a report by the Competitions & Markets Authority (CMA) found that drivers were paying an extra 6p per litre of fuel because of a lack of competition in the industry.
Part of the CMA’s plan to prevent this was to introduce a live service providing customers with real-time updates on fuel prices across multiple retailers.
The energy secretary Grant Schapps said the government wants to “shine a light on rip-off retailers".
In the CMA’s report, it saw no signs of cartel behaviour but noted Asda and Wm Morrison Supermarkets increased the amount they make on fuel sales and added that Tesco and Sainsbury’s priced petrol and diesel based on local rivals rather than because of market fluctuations.
Failure to comply with the government’s new plans could see fuel retailers forced into providing the data, according to the Department of Energy and Security.
"Act now or face the full force of the law," said the government department.
Fuel prices originally soared because of Ukraine’s invasion by Russia last year, however, the CMA’s report found that fuel was no longer being affected by the war.