wholesale News & Analysis
2 articles
Market Mood
CMA Reports No Widespread Fuel Price Gouging After Conflict
The Competition and Markets Authority (CMA) found no evidence of widespread price-gouging by UK fuel retailers following the onset of the US-Israel conflict with Iran. Retail fuel margins remained broadly unchanged between February and March, averaging 10.7 pence per litre (ppl). However, margins did increase for two supermarkets and three non-supermarket retailers, prompting further investigation. Petrol prices peaked at 158.3p per litre, while diesel reached 191.5p per litre before slightly declining. The CMA aims to ensure that any decrease in wholesale costs is reflected in retail prices for consumers.
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Northern Ireland Energy Prices Rise 80% Amid Iran Conflict
Energy prices in Northern Ireland have surged by approximately 80% in the wake of the Iran war that began on February 28. MPs were informed that if the conflict persists for another four to six weeks, household energy prices could remain elevated into winter. Additionally, wholesale electricity prices in the all-island market have increased by 19% since the onset of the crisis. The Utility Regulator cautioned that recent cuts in gas prices may be reversed if the situation continues, potentially impacting consumers significantly.
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