Treasury Select Committee chair claims retailers not customers benefitted from the tax cut.
Petrol stations and retailers have "pocketed" the benefit of a 5p fuel duty price cut, the chair of the Treasury Select Committee has claimed.Fuel duty was cut last March, but there were concerns it was not immediately reflected through lower pump prices.
Its inquiry also found margins on diesel across all fuel retailers had cost drivers an extra 13p per litre during the first five months of this year. Petrol and diesel prices spiked to record highs in the aftermath of Russia's invasion of Ukraine, but have since fallen back. It noted Asda, historically the cheapest for fuel, and Morrisons "made a decision to increase their target margin" on petrol and diesel from 2021, with the largest increase coming in 2022-23.
It now plans to force supermarkets and other fuel retailers to publish live prices under a new scheme aimed created more competition to between retailers and reducing instances of overcharging.denied they were making too much money from higher prices. "Right now the prices on our supermarket forecourts are lower than the independents and continue to be so," he said.
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