The Competition and Markets Authority (CMA) said that if evidence was found that the 5p fuel tax reduction had not been approved, it would launch an investigation, with possible fines for offending retailers.
It came when the Organization for Economic Co-operation and Development (OECD) said the UK would suffer the lowest growth next year in any developed country as the war in Ukraine fueled inflation.
Growth will slow from 7.4% last year to 3.6% this year before coming to a complete halt in 2023, the influential think tank said while urging Rishi Sunak to consider tax cuts to help businesses and consumers.
Rising fuel prices were first triggered by complications from gas supplies from the Covid blockades, but intensified after the Russian invasion of Ukraine in February.
Rising gasoline prices are just one aspect of the financial pressure on households, which will see the biggest drop in household disposable income since records began in the 1950s, according to forecasts. government officials.
Energy bills are doubling in one year, tax hikes began to skyrocket last month and inflation is expected to top 9 percent in 2022, lowering real wages.
Boris Johnson’s advisers have identified the cost-of-living crisis as one of the biggest political challenges of the coming years, combined with the threat of recession later this year.
Chancellor Rishi Sunak recently announced a £ 22bn package to alleviate rising energy prices, but the pressure on PMs to get more help is already rising.
The average price of the pump reached 182.31 cribs per liter on Wednesday after rising more than 2 percent in just 24 hours before the week, marking the biggest one-day increase in 17 years.
In some places it meant that petrol surpassed diesel as the most expensive fuel per liter, although nationally average diesel prices also reached another all-time high of 188.05 pence, according to RAC figures.
The last jump brings the cost of filling a 55-liter family car to £ 100.27. A full diesel refill now costs £ 103.43.
Simon Williams of the RAC said: “Today is a really dark day for petrol drivers who are now crossing the totally depressing threshold of £ 100 per tank.
“With such high average prices, there will almost certainly be upward inflationary pressure, which is bad news for everyone.”
The reduction of the government’s 5 penny fuel tax, announced on March 23, when the average cost per liter was 177.5 pence, was effectively eliminated in mid-May, when prices reached another peak. historical 178.4 pence.
The price comparison website PetrolPrices said the most expensive price charged is 202.9 p. per liter at BP sites on the A1 (M) near Sunderland, Tyne and Wear; the A1 (M) near Wetherby, West Yorkshire; the M4 near Chippenham, Wiltshire; and the M6 near Burton-in-Kendal, Cumbria.
The Prime Minister’s spokesman said that the Competition and Markets Authority (CMA) has the power to initiate an investigation into whether the reduction in duties has been transmitted.
“We know there have been variations in this and we want it to be transmitted to all gas stations. We are not sure that this will happen at all levels,” the spokesman said.
“The CMA has said that if they find evidence that the cut is not being approved, it would mean that competition is not working and they could start a formal investigation. Obviously, we would wholeheartedly support them.”
The Gasoline Merchants Association, which represents independent gas stations, declined to respond to statements when the PA news agency approached.