News ID: 322231
Published: 0331 GMT June 12, 2022

Britain orders review of fuel market as pump prices surge

Britain orders review of fuel market as pump prices surge
REUTERS

A petrol station sign displays a price for a litre of diesel in Milford Haven, Wales, Britain.

Britain's competition watchdog has been asked by the government to review the retail fuel market to see whether a cut in duty has been passed onto consumers as prices at the pump hit unprecedented highs.

Business Secretary Kwasi Kwarteng said on Sunday the investigation would find out why fuel prices were always quick to rise but slow to come down, Reuters reported.

The price of oil has surged worldwide, driven by Russia's military operation in Ukraine and economies reopening after the pandemic.

Britain reduced fuel duty by 5 pence per litre for one year in March in a five-billion-pound (6.2-billion-dollar) package to ease the burden on motorists amid a worsening cost-of-living crunch for households.

However, prices have continued to rise, and the average cost of filling a family car rose above 100 pounds for the first time last week, according to data firm Experian Catalist.

 

 

 

 

 

   
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