The government is preparing to introduce Pumpwatch, a regulator that will oversee fuel prices at petrol stations and impose fines on those who fail to adjust their prices within a 30-minute timeframe. This initiative aims to tackle profiteering and guarantee fair pricing for drivers. The regulator will keep an eye on real-time petrol and diesel prices to make sure they are competitive and reasonable. Petrol stations that disregard pricing guidelines will be subject to fines, the precise amount of which has yet to be determined. Pumpwatch was first announced in January by Energy Secretary Claire Coutinho, but it has so far operated voluntarily. The Energy Department is expected to announce the next phase of the program soon. According to an Energy Department source, “Drivers deserve the best possible pricing at the pump. We’re taking action against petrol station owners who aren’t passing on savings, requiring retailers to share real-time prices every 30 minutes or face fines.” Howard Cox of FairFuelUK, who has advocated for Pumpwatch, has urged for severe financial penalties for businesses that are “profiteering” at the expense of motorists. He emphasized, “Greedy fuel supply chain enterprises are well aware that they are arrogantly untouchable… their voluntary involvement in the scheme was inadequate.” Every 30 minutes, the Pumpwatch website will be updated. It aims to foster rivalry among petrol stations around the country. This move follows a rise in fuel costs, with drivers now paying roughly £5.50 more for a typical tank of fuel than they did in January. According to the RAC, petrol prices climbed by 2p in April to 149.9p, while diesel increased by 2p to 157.7p. The conflict in the Middle East, which has driven up the cost of crude oil, and the pound’s depreciation against the dollar have been largely blamed for the surge. The RAC also highlighted a “postcode lottery” for gas station prices.
Petrol Stations to Face Fines for Failing to Adjust Prices within 30 Minutes
