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Fuel retailers 'must lower prices'

Fuel retailers 'must lower prices' Image

Fuel retailers have "one last chance" to lower their prices, Transport Secretary Justine Greening has said.

Ms Greening said she wants retailers to set up a new code of practice to help motorists keep track of petrol or diesel prices.

Ministers will introduce new laws forcing petrol firms to cut fuel costs unless action is taken in the coming weeks, she added.

Motoring groups say that recent cuts in wholesale oil prices have not been reflected in prices at the pumps.

Ms Greening said she wanted companies to come up with a plan to lower prices as soon as possible, in order to save the Government from having to pass "time-consuming" legislation.

She added that she expects suppliers to make a decision within "days and weeks, not months".

Ms Greening told The Sun: "Petrol prices go up instantly when wholesale prices rise, but when wholesale prices fall, it can take weeks for them to come down again.

"It is indefensible that motorists should be ripped off. It's time the big companies started playing fair with the motorist, so I am giving them one last chance."

published: 30/05/2012 17:00:01

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