New Government plans are being introduced to encourage fuel companies to make petrol and diesel price information available to the public.
Fuel costs continue to change on a weekly basis costing motorists a higher amount compared to what they would have paid a year ago. The most recent price is around 1.31per litre for petrol and 1.35per litre for diesel.
As it stands fuel companies are buying stocks for just 10p a litre which is less than it was in April due to a fall in oil prices.
The Government plans could mean that motorists will see a fall in petrol prices when oil prices come down. It is also intended for motorists to be able to see when they are being overcharged by fuel companies by creating a new register which will mean consumers can go online and find the cheapest price closest to where they live.
Other countries such as Germany have already ordered fuel retailers to register the prices with the Government each day. Denmark and Austria have also introduced similar schemes to help bring the cost of fuel down.
The public and motoring groups have welcomed the Governments plans to help bring down the cost of fuel for motorists in the UK, with many saying that motorists have been taken advantage of for too long.
Transport Secretary Justine Greening commented: “Petrol prices go up instantly when wholesale prices rise but when wholesale prices fall it can take weeks for them to come down again.
“I want companies to come up with their own plan as soon as possible — and I’m talking days and weeks, not months.
“That way we can get prices down faster, rather than having to pass time-consuming legislation. But we will certainly do that if we have to.”
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By Amanda Bainbridge