The Competition and Markets Authority (CMA) has announced plans to enhance its monitoring of petrol and diesel prices across the UK. This initiative comes as the CMA aims to scrutinize fuel margins and pricing behaviors in light of rising wholesale costs due to ongoing global conflicts.

Firms operating thousands of fuel stations will be required to provide formal data on revenue, costs, and sales. This data collection is intended to expedite the CMA's review of how fuel prices are affected by changes in wholesale costs, particularly focusing on the phenomenon known as 'rocket and feather' pricing, where prices rise quickly but fall slowly.

Juliette Enser, Executive Director for Markets at the CMA, emphasized the importance of ensuring that price increases reflect genuine cost pressures rather than exploitation of the situation. The CMA will publish updates on pricing trends and any concerning behaviors observed in the market as soon as possible.

While the CMA does not set or approve fuel prices, it is committed to conducting a thorough profitability analysis to assess the competitive dynamics within the road fuel market. This analysis will include evaluating retail spreads and individual retailers' fuel margins to provide a clearer picture of profits made by fuel stations.