The UK has launched a new scheme that allows road users to find the best deals on fuel in their area.
The Fuel Finder Scheme is operated by the UK Government, and has potential to save drivers up to £40 per year. The site was officially launched today, the 2nd of February. All fuel providers, from major supermarkets to independent forecourts, will be required to upload their prices on fuel within thirty minutes of any change, and the scheme aims to become a transparent initiative that fixes the issue many fuel price comparison sites face – a lack of consistent up-to-date pricing information.
Recent studies have found that competition is weak between fuel retailers and that profit margins for petrol stations were “persistently high”. The Competition and Markets Authority (CMA), which oversees Fuel Finder, says the scheme aims to stimulate competition among fuel stations and offer better value for customers, saving up to 20p per litre. The CMA will monitor compliance to the scheme in order to ensure fairness to drivers in all areas.
The scheme is not a new idea, as price comparison apps have existed in the past such as PetrolPrices, WAZ, My RAC and the AA app. Previously, sharing price data was voluntary for fuel retailers, but with the launch of the scheme it has become mandatory for all retailers to upload price changes to a government database, making it much easier for drivers to keep up to date on the latest price drops and increases.
Fuel retailers have been advised to set up their price database in order to make the site fully functional as soon as possible. The information collected in the database revolves around the prices of all fuel types provided, as well as information about the fuel station facilities such as car washes and public bathrooms.
Petrol prices have dropped to their lowest in almost 5 years, standing at 131.91p per litre, and diesel at 140.97ppl. The decline is attributed to a fall in the global price of oil, which dipped below the US$60 per barrel mark on 7 January – a level not seen since February 2021. As fuel prices had skyrocketed in 2021 and 2022 at the start of Russia’s invasion of Ukraine, it’s no surprise that people are eager to save as much money as possible.
With over 8,300 petrol stations in the UK, drivers can be confident that they will find the best prices around them using the scheme.
