Story perspectives

CMA Reports No Fuel Gouging, Margins 10.7p, Opens Probe

5/2/2026

Summary

Story summary

Competition and Markets Authority (CMA) said fuel retailer margins stayed near 10.7 pence per litre average despite a rise in oil prices after Iran-Israel conflict.
It found no price-gouging in February-March 2026, but two supermarkets and three independents raised margins, prompting a CMA probe to be reported in May.
Minister for Energy Consumers Martin McCluskey said most retailers acted responsibly, with the CMA opening a heating-oil pricing probe after consumer complaints.

History

Historical Context

The 1973 OPEC embargo drove world crude prices up about 70%, plunging the United Kingdom—still reliant on imported oil—into recession and prompting Edward Heath’s government to impose fuel price controls, capping gasoline at 12 pence per litre in 1974. The CMA’s 2026 probe finds retailer margins now average 10.7 pence per litre, showing how the crisis-era legacy of price regulation still shapes UK fuel policy.

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Story summary

Competition and Markets Authority (CMA) said fuel retailer margins stayed near 10.7 pence per litre average despite a rise in oil prices after Iran-Israel conflict.
It found no price-gouging in February-March 2026, but two supermarkets and three independents raised margins, prompting a CMA probe to be reported in May.
Minister for Energy Consumers Martin McCluskey said most retailers acted responsibly, with the CMA opening a heating-oil pricing probe after consumer complaints.

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