<\/p>\n
Petrol retailers have been warned about hiking prices (pic: Terry Murden \/ DB Media Services)<\/p>\n
Chancellor Rachel Reeves\u00a0has\u00a0warned petrol and diesel retailers not to exploit the Iran conflict by profiteering at the pumps.<\/p>\n
Ms Reeves has asked the Competition and Markets Authority\u00a0to be on high alert for \u201cunjustifiable\u201d price rises on petrol,\u00a0diesel\u00a0and heating oil.<\/p>\n
The Chancellor said sahe will not stand by if firms use the uncertainty as a cover to push up prices and protect margins at the expense of drivers.\u00a0<\/p>\n
Her\u00a0intervention comes ahead of a Downing Street roundtable this evening, where petrol retailers and energy suppliers will be pressed on what they are doing to keep prices down \u2014 and what more they\u00a0can\u00a0do to ensure changes in costs are passed on fairly.\u00a0<\/p>\n
She said:\u00a0\u201cI will not tolerate any company exploiting the current situation to make excess profits at consumers\u2019 expense.\u00a0I\u2019m\u00a0backing drivers and families \u2014 and I expect a fair deal at the pump.\u201d\u00a0<\/p>\n
Ms Reeves\u2019 intervention comes as she is under pressure to scrap a proposed rise in fuel duty in September.<\/p>\n
Energy Secretary Ed Miliband added:\u00a0\u201cTackling the cost of living is our number one priority \u2013 all fuel retailers must sign up for Fuel Finder so drivers can find the cheapest price at the pump.\u00a0We will not hesitate to act to protect consumers against any unfair practices.\u201d<\/p>\n
On Friday, the Chancellor and Energy Secretary will call on industry to explain why prices vary so widely, how quickly forecourts respond when costs ease, and what immediate steps firms will take to make sure motorists\u00a0aren\u2019t\u00a0left paying over the odds. <\/p>\n
The Chancellor noted\u00a0earlier this week that prices varied from \u00a31.27 per litre to \u00a31.80 per litre between forecourts.<\/p>\n
This comes after Mr Miliband met with the CEO of the Competition and Markets Authority on Tuesday 10 March to discuss ensuring consumers were protected from any unfair price rises.<\/p>\n
All major supermarkets have confirmed they are now providing real-time data to the government\u2019s Fuel Finder scheme, with almost 90% of retailers already registered, and government\u00a0taking action\u00a0on the final 10%.\u00a0<\/p>\n
Retail sales flatten<\/p>\n
Shopper spending in Scotland eased back in February, bringing an end to a seven-month run of growth.<\/p>\n
Total sales were flat (0%) compared with February 2025, when they fell by 0.4%. This was below the 3-month average increase of 1.2% and below the 12-month average increase of 1%. Adjusted for inflation, there was a year-on-year decrease of 1.1%.<\/p>\n
David Lonsdale, director, Scottish Retail Consortium, said: \u201cWorries that January\u2019s sparkling showing was an outlier appear to have been confirmed with flat sales figures correlating with a fall in shopper footfall.<\/p>\n
\u201cThis brings an end to a seven-month run of pedestrian but nonetheless positive growth. It reinforces our concern that the challenges for retail are far from being in the rear-view mirror. <\/p>\n
\u201cThe costs crunch affecting households and firms remain real and could be exacerbated by prolonged conflict in the Middle East, which may make for a bumpy few months ahead.\u201d<\/p>\n
\t #Reeves #Miliband #issues #petrol #price #warning #Daily #Business<\/p>\n","protected":false},"excerpt":{"rendered":"
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