TREASURY Ministers have “opened the door” to a crackdown on fat-cat fuel retailers after The Sun’s revelations about an £8 billion rip-off at the pump.
Campaigners revealed officials had asked them to consider a voluntary code as a first step towards greater protection for motorists being charged too much for fuel.
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But the voluntary code falls short of what Tory MPs have campaigned for.
They want a powerful new Pumpwatch’ regulator to lift the lid on pricing throughout the oil industry supply chain.
Exchequer Secretary Robert Jenrick signed off on the voluntary PumpWatch monitoring code, which will give full transparency to pump price changes so motorists are given clear information.
The code must also allow fair competition and protect smaller independent garages.
The Treasury said it will support the introduction of the code if these criteria are met.
It follows The Sun’s revelations earlier this week that fatcat oil giants have fleeced motorists of nearly £8 billion at the pump since January 2015 by failing to pass on savings from wholesale price falls.
It has cost each British driver £208, Fair Fuel UK said.
PUMP PRICE RIP-OFF COSTING DRIVERS £208 EACH
Mr Jenrick said: “We had a productive meeting with FairFuelUK and members of the APPG for Fair Fuel for UK Motorists and UK Hauliers.
“The Government understands that fuel prices are an important part of households’ expenditures which is why the government has frozen fuel duty for the ninth successive year, saving the average motorist £140 per year and the average haulier £2800 per year.
“We discussed FairFuelUK’s proposal for a voluntary code to encourage fuel retailers to provide greater transparency to consumers in relation to wholesale fuel prices and the prices being charged at the pump.
“I look forward to hearing about their proposal in more detail and continuing to work with them.”
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