Asda fined £60,000 over fuel price investigation
Asda has been fined £60,000 by the Competitions and Markets Authority (CMA) for “failing to provide information in a timely manner” regarding its investigation into fuel prices.
The supermarket retailer has been given two separate £30,000 fines, one for sending a representative to a compulsory interview who was “not equipped to provide evidence”, and another for failing to respond completely to a written request for information.
This comes as the CMA publishes a report which said that customers are now paying an extra six pence per litre of fuel as a result of increased supermarket fuel margins.
It has now laid out plans for a ‘fuel finder’ scheme which is designed to give customers live information regarding prices in the hopes of revitalising competition.
The CMA said that instant access to prices via its scheme should drive down prices and help people find cheaper fuel.
Compulsory open data requirements and a new ‘fuel monitor’ oversight body are being proposed by the Government branch.
Over the last year, the CMA said it has investigated the road fuel market and believes that competition is not working well and that greater transparency in pricing is needed.
“There is no evidence to suggest that there has been cartel behaviour taking place and the CMA has no plans to open an enforcement case”, it added.
Despite the fines imposed on Asda, the CMA found that it is typically the cheapest supermarket when it comes to fuel prices.
Sarah Cardell, CMA chief executive, said: “We need to reignite competition among fuel retailers and that means two things. It needs to be easier for drivers to compare up to date prices so retailers have to compete harder for their business. This is why we are recommending the UK Government legislate for a new fuel finder scheme which would make it compulsory for retailers to make their prices available in real time. This would end the need to drive round and look at the prices displayed on the forecourt and would ideally enable live price data on sat-navs and map apps.”