Britain's Competition and Markets Authority has found no evidence that retailers alerted fuel pricing strategies to exploit the Middle East crisis, but warned that lower competition in the sector continues to leave drivers paying more, Reuters reported Monday.
The CMA said elevated wholesale prices linked to the US-Israel war in Iran, which began in February, explain most of the rise in pump prices through March and into April. The regulator said it would closely monitor whether any improvement in supply conditions is passed on to consumers.
"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," CMA chief Sarah Cardell said.