Arabic version: الهيئة البريطانية تجد عدم وجود زيادة واسعة في أسعار الوقود بعد النزاع
The Competition and Markets Authority (CMA) has reported no evidence of widespread price-gouging by UK fuel retailers in the weeks after the US-Israel war with Iran began. The CMA stated that profit margins remained “broadly unchanged” between February and March, despite rising wholesale prices in the wake of the conflict. According to BBC News, the regulator announced an increase in monitoring of petrol and diesel prices after the Middle East tensions caused a spike in costs.
In its findings, the CMA noted that retail fuel margins were close to the average margin of 10.7 pence per litre (ppl) from the previous year. However, it acknowledged that there were increased margins for two supermarkets and three non-supermarket retailers during that period. CMA chief executive Sarah Cardell indicated that further investigation is underway, with a report expected in May.
The regulator also highlighted that the rise in fuel prices was largely due to broader cost pressures, particularly elevated oil prices, as approximately 20% of the world’s oil typically transits through the Strait of Hormuz, which has been effectively closed for two months. Recently, Brent crude prices surged to over $126 (£94) a barrel, marking the highest level since 2022.
Although petrol and diesel prices peaked in mid-April, with petrol reaching 158.3p per litre and diesel 191.5p, they have since slightly decreased. However, petrol remains 24.2p per litre and diesel 46.0p more expensive than prior to the conflict. RAC head of policy Simon Williams noted that pump prices have not decreased as quickly as expected, particularly with recent increases in wholesale petrol prices.
The CMA has committed to ensuring any drops in wholesale costs are reflected in pump prices for drivers. Energy Consumers Minister Martin McCluskey praised most retailers for maintaining reasonable margins, while acknowledging that some have not followed suit. The CMA is also examining the dynamics of fuel price changes in relation to wholesale costs, particularly in light of previous findings of “rocket and feather” pricing patterns following the Ukraine conflict.
