Skip to content
Search
AI Powered
Latest Stories

Fuel price: ACS says retailers have limited impact

Fuel price: ACS says retailers have limited impact
Fuel prices are seen at a petrol station on March 11, 2022 in Wimborne, England. (Photo by Finnbarr Webster/Getty Images)
Getty Images

Responding to the Competition and Markets Authority’s detailed market study into fuel pricing, the Association of Convenience Stores (ACS) has highlighted the competitive nature of fuel pricing and the limited impact that retailers can have on the overall fuel price.

The market study follows a review ordered by Business Secretary Kwasi Kwarteng in June, which was requested after the price of petrol and diesel increased by over 60p in the previous 12 months.


The market study is focusing on what the CMA sees as the two main factors affecting the increase in the fuel price: the crude oil price (including the fall of the value of sterling against the dollar) and a growing gap between the crude price and the wholesale price (the refining spread).

One area of concern raised ahead of the review by campaigners focused on whether the 5p cut in fuel duty on 23 March was passed on to customers. In the publication of its review, the CMA state that they see ‘no evidence… that retailers in aggregate have profited from failing to pass on the duty cut’, noting that there were price reductions in fuel from supermarkets, company operated sites, and independent forecourts alike.

ACS chief executive James Lowman said: “We welcome this follow up review into the fuel market, which is examining the key drivers of price changes that are ultimately outside of retailers’ control. We will continue to engage with the CMA through the process of their formal market study into the fuel market”.

The CMA’s initial findings are expected in the Autumn, with a decision due to be taken on whether to make a further market investigation by 7 January 2023. The deadline for the final review report is 7 July 2023.

More for you

Yvette Cooper

Home secretary Yvette Cooper speaking at the annual conference hosted by the NPCC and APCC on 19 November 2024

Photo: GOV.UK

Home secretary pledges to restore neighbourhood policing

Home secretary Yvette Cooper has announced plans to rebuild neighbourhood policing and combat surging shop theft as part of an ambitious programme of reform to policing.

In her first major speech at the annual conference hosted by the National Police Chiefs’ Council and Association of Police and Crime Commissioners on Tuesday, Cooper highlighted four of the key areas for reform: neighbourhood policing, police performance, structures and capabilities, crime prevention.

Keep ReadingShow less
Andrew Bailey acknowledges retailers' warning on job cuts
Bank of England building on Threadneedle Street, CLondon (Photo: iStock)
Getty Images/iStockphoto

Andrew Bailey acknowledges retailers' warning on job cuts

Retailers are right to warn of potential job cuts as a result of tax increases announced at last month’s budget, Bank of England governor Andrew Bailey has said.

Bailey appeared before the cross-party Treasury select committee on Tuesday (19), after almost 80 retailers claimed rising costs would make “job losses inevitable, and higher prices a certainty”.

Keep ReadingShow less
High Street shopping street
Photo: iStock

High Street Rental Auctions: Independent retailers urged to engage with local councils

The British Independent Retailers Association (Bira) has urged independent shop owners to reach out to their local councils about the government's newly announced High Street Rental Auction (HSRA) powers, which aim to tackle persistently vacant commercial properties on UK high streets.

Introduced through the Levelling Up and Regeneration Act 2023, the HSRA legislation will come into force on 2 December. It will give local authorities the ability to put the leases of long-term empty shops up for public auction, allowing businesses and community groups to secure short-term tenancies.

Keep ReadingShow less
Home energy smartmeter
Photo: iStock

Inflation jumps in October on higher energy bills

Britain's annual inflation rate jumped more than expected in October to back above the Bank of England's target as households and businesses faced higher energy bills, official data showed Wednesday.

The Consumer Prices Index reached 2.3 per cent from a three-year low of 1.7 percent in the 12 months to September, the Office for National Statistics said in a statement.

Keep ReadingShow less
Nestle

Nestle logos are pictured in the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020

REUTERS/Pierre Albouy/File Photo

Nestle to step up marketing investment; Waters and beverages to become standalone business

Nestle on Tuesday said it will increase investment in advertising and marketing to 9 per cent of sales by the end of 2025. The company also announced plans to make its waters and premium beverages activities a global standalone business from New Year.

Unveiling a plan to fuel and accelerate growth at a Capital Markets Day for investors and analysts, the Swiss group also said it aims cost savings of at least CHF 2.5 billion (£2.25bn) above existing initiatives by end 2027 to fund increased investments.

Keep ReadingShow less