THE competition regulator has announced it will carry out a “short and focused review” of fuel prices as fears grow over soaring costs at the pumps.
Andrea Coscelli, chief executive of the Competition and Markets Authority (CMA), said record petrol and diesel prices are “causing significant concern” for millions of people.
The review was requested by Business Secretary Kwasi Kwarteng, who expressed concern that the 5p per litre cut in fuel duty implemented in March has not stopped prices from soaring.
Figures from data firm Experian show the average price of a litre of petrol at UK forecourts climbed to a record 185.0p on Sunday.
READ MORE: Probe into petrol station operators ordered amid concern over prices
That was an increase of 7.1p in just a week.
The average price of diesel was 190.9p per litre on Sunday.
The RAC, which has previously called for further action on fuel duty and VAT to curb rising bills, said the latest pump prices meant that the Treasury was now netting about £46 in tax from the average full tank.
Luke Bosdet, the AA's fuel price spokesman, said there was hope of a stabilisation for prices ahead following the surge of the past couple of weeks.
"Petrol price rises should be grinding to a halt, at least temporarily, by the end of the week", he noted.
"There may still be some forecourts yet to pass on the recent surge in costs.
"If they continue to go up substantially afterwards, we will be intrigued to hear what excuses the fuel trade has this time.
"Diesel's relentless surge in costs remains a nightmare, with its knock-on impact for the cost of delivery of goods and services, and therefore inflation."
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