UK regulator says no evidence fuel retailers taking advantage of Middle East crisis
UK regulator says no evidence fuel retailers taking advantage of Middle East crisis
ReutersMon, June 1, 2026 at 11:41 AM UTC
0
A motorist fills their car with fuel at a petrol station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
LONDON, June 1 (Reuters) - Britain's competition regulator has found no evidence that retailers had altered their fuel pricing strategies to take advantage of the Middle East crisis, but warned that weak competition in the sector remained a concern, it said on Monday.
The Competition and Markets Authority's analysis indicated that elevated wholesale prices continued to explain most of the increase in pump prices in March and into April, it said in a statement.
The British government, like others globally, is under pressure to help households cope with rising fuel costs and a knock-on increase in other prices, following a surge in oil prices linked to the U.S.-Israel war in Iran which began in February.
Finance minister Rachel Reeves set out a range of support measures last month aimed at easing the resulting cost-of-living pressures in Britain.
Advertisement
"We know prices at the pump are putting real pressure on drivers' pockets," CMA boss Sarah Cardell said in the statement.
"While our analysis shows the rise in wholesale prices is the main reason for higher fuel prices, we remain concerned about weak competition in the sector leaving drivers paying more."
The regulator said it would be paying "close attention" to whether improvement in supply conditions is passed on to consumers in retail prices.
(Reporting by Sam Tabahriti; writing by Muvija M; editing by Michael Holden)
Source: “AOL Breaking”
