Ed Miliband has urged drivers to sign up for a free scheme to find the cheapest fuel prices as tensions in the Middle East push costs higher. The Energy Secretary called on all fuel retailers to join the Government's fuel finder scheme, which allows motorists to compare prices at petrol stations nationwide.
Chancellor Rachel Reeves has written to the Competition and Markets Authority (CMA) demanding it remain on 'high alert' for 'unjustifiable' price surges. 'I will not tolerate any company exploiting the current situation to make excess profits at consumers' expense,' she said ahead of a Downing Street summit with petrol retailers and energy providers.
The AA warned that consumers 'will be stung' by rising costs due to global price increases and urged Ms Reeves to postpone a scheduled fuel duty rise. President Edmund King said: 'As the conflict in the Middle East continues, the global increase in oil prices will hurt inflation, particularly with the diesel price hikes.'
RAC data showed diesel prices have climbed nearly 9% since 28 February, while petrol prices rose 6% over the same period. The CMA has put fuel retailers 'on notice' and will fast-track requirements for them to provide revenue, costs and sales figures.
Shadow transport secretary Richard Holden accused the Chancellor of failing to act, saying she could cancel the fuel duty rise but 'doesn't have the backbone'. Prime Minister Sir Keir Starmer said the Government would keep the situation 'under review' given the ongoing Middle East conflict.
