Breaking News: Fuel Profit Margins Soar to Record Highs, Watchdog Sounds Alarm

The UK's Competition and Markets Authority (CMA) has sounded the alarm on persistently high fuel profit margins, despite a significant fall in petrol and diesel prices at the pump. According to the CMA's first annual road fuel monitoring report, profit margins for both supermarket and non-supermarket retailers remain historically high.

The report, published today, found that average fuel margins on a percentage basis have continued to be high, with drivers potentially paying more than they should for petrol and diesel. Petrol prices have fallen to 136.8p per litre last week, while diesel prices have dropped to 146.1p per litre.

The CMA challenges retailers' claims that higher operating costs are to blame for the high profit margins, citing weak competition in the sector. The watchdog's findings come as the government prepares to launch its "fuel finder" scheme, which will allow drivers to compare real-time fuel prices.

The CMA's report highlights the need for increased transparency and competition in the fuel market. The government's "fuel finder" scheme is set to be launched in the coming days, aiming to give drivers a better understanding of the prices they pay at the pump.

This is a developing story, with further updates expected as the government responds to the CMA's findings and the "fuel finder" scheme is rolled out.