NEW LAW: Why taxi drivers and other UK motorists might want to delay their next fuel stop

Taxi drivers and other UK motorists might want to delay their next fuel stop as recent legislation could soon lead to significant savings. The Digital Markets, Competition and Consumers Act, now in effect, aims to tackle price exploitation at petrol and diesel stations across the country.

The UK holds the record for the highest diesel prices and some of the steepest petrol costs in Europe. According to the RAC, the current average price for petrol is 149p per litre, while diesel stands at 155p per litre. These figures starkly contrast with the European averages of 144p for petrol and 134p for diesel.

The new law, effective from 24 May, empowers the Competition and Markets Authority (CMA) to scrutinise road fuel prices and report any malpractice to the Government. This move is expected to address the inflated margins on fuel and ensure fairer pricing for consumers.

Simon Williams, RAC fuel spokesman, expressed optimism about the impact of the legislation. Williams said: "There is cause for hope for fairer fuel prices in the future as the Digital Markets, Competition and Consumers Act became law on Friday, giving new powers to the Competition and Markets Authority to closely monitor road fuel prices and report any sign of malpractice to the Government."

With the CMA's increased oversight, drivers could soon see a reduction in prices at the pumps. For now, it might be wise to wait and watch for potential price drops before any significant refuelling if you can.