Petrol price inquiry will only report back in Autumn on rocketing costs

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Petrol price inquiry will only report back in Autumn on rocketing costs

DRIVERS hoping for a quick fix to rocketing fuel costs are in for a disappointment. The competition watchdog’s probe into the price of petrol an

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DRIVERS hoping for a quick fix to rocketing fuel costs are in for a disappointment.

The competition watchdog’s probe into the price of petrol and diesel will take until the autumn, leaving us to count the cost of record prices at the pumps all summer.

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An inquiry into record petrol and diesel costs will only report back in Autumn[/caption]

RAC fuel spokesman Simon Williams said: “The question drivers will have is how long the review will take and, crucially, when they might see a change to what they pay every time they fill up.”

Business Secretary Kwasi Kwarteng asked the Competition and Markets Authority to review pump prices last month amid an outcry over rising charges – while wholesale prices dropped.

It found “cause for concern in some parts” of the industry.

The authority’s general counsel, Sarah Cardell, said: “We need to get to the bottom of whether there are legitimate reasons for this and, if not, what action can be taken.”

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But she insisted retailers HAD passed on to motorists March’s 5p cut in fuel duty.

The average price of a litre of petrol on Thursday was 190.8p, with diesel at 198.6p per litre – up around 60p for petrol and 64p for diesel in a year.

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