Supermarkets will be told to slash prices at the pumps after it was found they are ripping off drivers.
The competition watchdog will publish a report next week exposing how forecourts have increased their profit margins on petrol and diesel.
Supermarket pump prices are on average 5p per litre higher than they would have been if margins had remained at 2019 levels.
The Competition and Markets Authority announced the review of fuel pricing will be published on Monday following a meeting with Chancellor Jeremy Hunt today.
The regulator will also produce a report on the grocery shopping market next month, before providing information on the housebuilding industry and private rental market over the summer.
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Wiktor Szymanowicz/REX/Shutterstock)
Mr Hunt held talks with the CMA and the regulators for the energy, water and communications sectors to look at what powers they can use to help lower prices amid accusations firms could be profiteering through price hikes.
The Financial Conduct Authority has agreed to report by the end of July on how the savings market is operating, to ensure higher interest rates are passed on to savers.
The largest banks and building societies will be required to “explain the pace and extent of their pass through of interest rates” and how they are “proactively supporting savers” to switch to higher-rate products.
Communications watchdog Ofcom will “take action to push suppliers” to offer cheaper broadband and mobile tariffs to low income customers.
Water watchdog Ofwat will crack down on companies who are not going far enough to support struggling customers to pay their bills, get help and repay debts.
In the energy sector, Ofgem will ensure suppliers are passing falling prices onto customers.
Following his meeting with regulators, Mr Hunt said they would act urgently to help consumers and he would keep a “watchful eye” on firms’ activities.
“I am pleased we’ve secured agreement with the regulators to act urgently in areas where consumers need most support to ensure they are treated fairly,” he said.
“We are working hard to halve inflation this year and return to the 2% target.
“Businesses must play their part too and I will keep a watchful eye on the progress they make.”
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