Watchdog puts UK fuel retailers ‘on notice’ over profiteering from Iran war
AI Summary
The UK's Competition and Markets Authority (CMA) is increasing its monitoring of fuel retailers amid concerns about potential profiteering as the US war with Iran drives up wholesale costs. Fuel retailers have been "put on notice" and will be required to provide revenue, costs, and sales data to the CMA. This action follows a sharp rise in petrol and diesel prices since the conflict began, with petrol up by 7p a litre and diesel by nearly 16p. The government, including the Chancellor and Energy Secretary, plans to meet with fuel industry leaders to ensure fair pricing for consumers. The CMA will analyze pricing practices, particularly looking for evidence of "rocket and feather" pricing, where price increases are rapid but decreases are slow.
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This article was automatically classified using rule-based analysis. The political bias score ranges from -1 (far left) to +1 (far right).
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