Petrol stations in the UK could soon face fines for failing to report their daily fuel prices. It's hoped the soon-to-be-introduced scheme would help encourage competition among brands and force prices down for motorists.
The Digital Markets, Competition and Consumers Act, which was passed into law in May, gave new powers to the Competition and Markets Authority (CMA) to closely monitor fuel prices through a PumpWatch scheme, with any signs of malpractice reported to the Government.
GB News reports that major retailers and popular supermarkets would be required to report and update fuel prices. Although some already publish their daily fuel prices on their own websites, the PumpWatch scheme would have all the data in one centralised place.
The maximum penalty for retailers who do not comply with the new terms could be one per cent of its worldwide turnover, according to the consultation documents. A daily penalty suggested in the consultation could equate to five per cent of daily turnover.
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