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Price checker
DO you think that pump price prices should be freely available to the public?
The UK government has confirmed that it is now considering a scheme whereby petrol stations would have to share live prices, potentially bringing more price transparency for drivers.
Following reports of the government’s proposal, RAC fuel spokesperson, Simon Williams, said: “The Competition and Markets Authority is already investigating the way fuel retailing operates, so we hope its eventual recommendations to the government result in better value at the pumps for drivers.
“An online fuel price checker that resembles those available to drivers in Germany where prices are displayed for individual forecourts in real time could be helpful, but may not, on its own, lead to fairer prices.”
He added: “Certainly, we don’t think any UK wide system should mimic what already exists in Northern Ireland where fuel prices are only updated once a week and there’s no indication of which forecourts are cheapest.
“One issue that often leads to widely varying prices locally, which badly needs addressing, is the fact major retailers operate regional pricing which can mean much higher prices where there is little or no competition.”
DESPITE the rising interest rates, it seems more and more UK consumers are turning to car finance.
Interactions with finance calculators on used car adverts are up with a 42 per cent increase on January 2019 levels and an 11 per cent increase from January 2021.
Ian Plummer, Commercial Director at Auto Trader commented on the recent rate rise: “Sizeable increases in new car annual percentage rate (APR) averages, up from 5.1 per cent in January 2022 to 8.1 per cent 12 months later, have followed the recent spate of interest rate rises.
“As most drivers don’t have a choice about whether to stay on the road and with postCovid stock shortages keeping prices high, motorists are having to swallow extra costs. As a result, many are turning to car finance, with nearly two million finance interactions each month.”
