- Minister Solloway brings tech firms to the table to collaborate on PumpWatch to back motorists and drive down fuel costs
Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister today (11 March), to help share new fuel price data and keep costs down for motorists.
Price comparison sites and map apps will have access to this new data as part of the government's PumpWatch initiative, which aims to drive down prices at the pumps. The scheme will look to make fuel prices, updated within 30 minutes of changes, available to the public by the end of this year. The move will further drive competition and place even more power back into hands of consumers and motorists to get the cheapest fuel available in their area.
The latest step follows the government's plans and support for motorists in the Spring Budget 2024, as fuel duty is frozen for a further 12 months, extending the 5p fuel duty cut and cancelling any increase with inflation. This has saved the average car driver around £250 over the past 3 years and is worth £13 billion.
Minister for Energy Affordability and Skills Amanda Solloway said:
The government is already working to bring down fuel prices and we will all see the difference of the 5p fuel duty cut extension at the pumps.
We want fuel prices at your fingertips, refreshed within 30 minutes of changing, so everyone can save when filling up their tank - even when visiting an area they don't know.
The government and tech firms are working together to make sure PumpWatch is a success, so we can put hard-earned pounds back in families' pockets.
PumpWatch will increase transparency to give consumers better information to shop around for cheaper fuel and reignite competition in the market to drive prices lower.
Working with The AA, Confused.com, Go.Compare, PetrolPrices.com and RAC, the government is making sure the freely available data will be simple and easy to understand. The data could be used by journey planning sites and in-car devices too, to help over 41 million drivers to help save money wherever they live in the UK.
The government presses on with work to keep bringing down costs for hardworking families. The fuel duty cut extension, alongside maintaining fuel duty rates at their current levels for another year, will save families 7p a litre for petrol and diesel compared to previous plans.
Head of Roads Policy at The AA, Jack Cousens, said:
What the government and the CMA is achieving with its pump-price transparency scheme is fast on the road to what the AA has called for and envisaged for more than a decade. For years, European countries have provided their motorists with the ability to check pump prices wherever they go and thus spur competition. The UK is now getting there.
Bringing tech firms into the picture will help that process and lead to innovative use of the price data. An example of innovation is the Fuel Price Checker in Northern Ireland that allows drivers to see the towns offering the cheapest fuel. However, there is so much more that can be done with the data and bringing in the digital experts will hopefully unlock that.
CEO of Confused.com, Steve Dukes, said:
Fuel has become one of the biggest expenses for drivers as prices have remained high for the past few years. This, paired with rising insurance and maintenance costs, along with the general cost of living increasing has made it harder for many drivers to run their car. In fact, recent Confused.com research shows that 1 in 5 (19%) UK drivers are using their car less due to the cost of living.
Encouraging fuel retailers to share up-to-date pricing information through the PumpWatch initiative will make a huge difference to drivers who are trying to manage costs. Naturally they may be tempted to go to their closest station. But being able to research cheaper pumps nearby could save a considerable amount of money when filling up. We hope that drivers having this transparency will only encourage retailers to be more competitive with their prices where they can.
Managing Director of PetrolPrices.com, Andrew Watson, said:
We welcome the news earlier in the week to continue the 5p cut in fuel duty rates for a further 12 months supporting UK drivers with rising prices. The upcoming Pumpwatch legislation scheme, coupled with this fuel duty support is much needed for motorists up and down the country.
We've been helping drivers save money at the pumps since 2005. I know our 2 million users will welcome the changes PumpWatch will bring in making fuel prices more up to date, allowing consumers to make the best decision for themselves.
The meeting comes as the public have their last chance to provide their views on new rules that would mean fuel retailers must share fuel prices within 30-minutes of changes. The consultation closes at 11.59pm on 12 March 2024.
