Chancellor Calls for CMA Vigilance on Unjust Price Hikes
The Chancellor has voiced support for the CMA's efforts to shield customers from unfair price increases, including for road fuel and heating oil.
The British government has stepped up its call for the Competition and Markets Authority (CMA) to closely monitor and address any unjustifiable price increases, particularly in the road fuel and heating oil sectors. In a letter to the CMA, the Chancellor of the Exchequer has expressed support for the agency's work to ensure consumers are not unduly affected by rising costs.
The letter comes as the UK grapples with a cost-of-living crisis, with inflation reaching double digits and families struggling to afford basic necessities. While global factors like the war in Ukraine have contributed to soaring energy and fuel prices, the Chancellor has emphasized the importance of maintaining vigilance against potential profiteering or anticompetitive behavior by businesses.
The CMA has been tasked with closely examining pricing trends and investigating any indications of unfair practices that could be driving up costs for consumers. This includes scrutinizing the profit margins of companies operating in the road fuel and heating oil markets, as well as looking into potential supply chain issues or other factors that may be artificially inflating prices.
{{IMAGE_PLACEHOLDER}}Source: UK Government
