No evidence of widespread fuel price-gouging, watchdog says

An important development from the financial markets: No evidence of widespread fuel price-gouging, watchdog says 10 minutes ago Share Save Add as preferred on Google Jemma Crew Business reporter Getty Images There is no evidence of widespread price-gouging by UK fuel retailers in the weeks after the US-Israel war with Iran began, according to the competition watchdog. The Competition and Markets Authority (CMA) said profit margins overall were "broadly unchanged" between February and March. In March, the CMA announced it would "step up" monitoring of petrol and diesel prices after the Middle East conflict caused wholesale prices to spike.

Prime Minister Sir Keir Starmer at the time said the government was primed to act if fuel companies tried to "rip off customers", but forecourt retailers denied price gouging was taking place and criticised the use of "inflammatory language". The CMA said its findings indicated "there has not been a widespread issue of retailers earning higher margins" since the war began. But it found that fuel margins increased between February and March for two supermarkets and three non-supermarket retailers.

Sarah Cardell, CMA chief executive, said: "We are investigating why and will report further in May. " The regulator noted its findings were situated in a context of "historically high" fuel margins for retailers. Petrol retailers in row with government over 'rip off' accusations What's happening to UK petrol and diesel prices?

Financial markets are tracking the development closely as investors assess the likely impact.