UK Government Orders Regulator to Investigate Fuel Market

By Jaime Llinares Taboada

The U.K. government has asked the Competition and Markets Authority to conduct an urgent review of the fuel market.

In a letter dated Saturday, the Secretary of State for Business, Energy and Industrial Strategy Kwasi Kwarteng requested an urgent review by July 7 and a longer-term market study to explore whether the retail fuel market has adversely impacted consumer interests.

There remains widespread concern about the increase in prices and the effect of the reductions in fuel duty for petrol and diesel, Mr. Kwarteng said.

The review should consider market competition and geographical factors, and any further steps that can be taken to strengthen competition and increase transparency over prices, he said.

"The British people are rightly frustrated that the GBP5 billion package does not always appear to have been passed through to forecourt prices and that in some towns, prices remain higher than in similar, nearby towns," Mr. Kwarteng said.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

June 13, 2022 04:22 ET (08:22 GMT)

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