London 06/12/2022 - Following the publication of the Competition and Markets Authority (CMA) update report, a UKPIA spokesperson said:
“UKPIA welcomes the interim decision by the Competitions and Markets Authority (CMA) not to make a market investigation reference at this time, following the CMA’s initial update report on its road fuel market study which it published today. We note that the CMA agrees with our view that ‘refining margins are largely dictated by global supply and demand.’
“UKPIA understands that price increases at the pumps are a concern for motorists, families and businesses across the UK. Prices this year have been most affected by changes in crude oil prices and other supply and demand factors, which have been particularly volatile in 2022 due to factors outside of the industry’s control.
“We will continue to work with the CMA as their analysis is completed.”