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<\/div>\nSupermarket bosses will be facing energy secretary Grant Shapps after he warned he would hold retailers accountable if they continue to charge \u201csky high\u201d petrol prices for customers.<\/p>\n
He will talk with executives from Tesco, Asda, Sainsbury\u2019s and Morrisons, as well as those from fuel specialists BP, Shell and Esso this afternoon, vowing to read \u201crip-off retailers\u201d the riot act over pump prices at the meeting, and tell them \u201cenough is enough\u201d.<\/p>\n
\u201cI want to now hear how they are going to fix this,\u201d Shapps said in the Sun. <\/p>\n
\u201cI will be telling them to do the right thing and immediately end any attempt to overcharge at the pumps.\u201d<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nShapps is set to call on the retailers to share their fuel prices live by the end of next month as part of a scheme designed to prevent overcharging.<\/p>\n
Earlier this month the UK\u2019s competition watchdog warned earlier this month that drivers in the UK paid an extra \u00a3900m extra in fuel last year, as they were charged an extra 6p per litre more.<\/p>\n
As a result, the CMA said it would launch a voluntary scheme to provide customers with live, transparent fuel price data.<\/p>\n
A number of supermarkets, such as Sainsbury\u2019s, have already said they would welcome the scheme.<\/p>\n
Downing Street said Shapps will spell out \u201cthat it\u2019s clearly unacceptable to be overcharging drivers at the pump and that they need to pass on the savings to consumers, given that wholesale costs have fallen\u201d.<\/p>\n
The Prime Minister\u2019s official spokesman said: \u201cHe will be calling on retailers to agree (to) the CMA\u2019s voluntary scheme that would see them share their accurate road fuel prices by August so we can improve transparency and competition.\u201d<\/p>\n
The CMA kicked off its investigation into UK fuel retailer earlier this year amid concerns that wholesale price reductions were not being full passed onto customers.<\/p>\n
The regulator cautioned that competition was \u201cnot working as well as it should be\u201d in its initial report.<\/p>\n
The watchdog also launched a probe into supermarket grocery pricing over concerns that grocers could be profiteering from soaring food and drink inflation and is expected to unveil initial findings this month.<\/p>\n
Shapps is set to call on the retailers to share their fuel prices live by the end of next month as part of a scheme designed to prevent overcharging.<\/p>\n
Earlier this month the UK\u2019s competition watchdog warned earlier this month that drivers in the UK paid an extra \u00a3900m extra in fuel last year, as they were charged an extra 6p per litre more.<\/p>\n
As a result, the CMA said it would launch a voluntary scheme to provide customers with live, transparent fuel price data.<\/p>\n
A number of supermarkets, such as Sainsbury\u2019s, have already said they would welcome the scheme.<\/p>\n
Downing Street said Shapps will spell out \u201cthat it\u2019s clearly unacceptable to be overcharging drivers at the pump and that they need to pass on the savings to consumers, given that wholesale costs have fallen\u201d.<\/p>\n
The Prime Minister\u2019s official spokesman said: \u201cHe will be calling on retailers to agree (to) the CMA\u2019s voluntary scheme that would see them share their accurate road fuel prices by August so we can improve transparency and competition.\u201d<\/p>\n
The CMA kicked off its investigation into UK fuel retailer earlier this year amid concerns that wholesale price reductions were not being full passed onto customers.<\/p>\n
The regulator cautioned that competition was \u201cnot working as well as it should be\u201d in its initial report.<\/p>\n
The watchdog also launched a probe into supermarket grocery pricing over concerns that grocers could be profiteering from soaring food and drink inflation and is expected to unveil initial findings this month.<\/p>\n