The Competition and Markets Authority is to investigate fuel prices, following a request from Business Secretary Kwasi Kwarteng to look into petrol and diesel retailers, and whether oil price drops were being passed along to fuel buyers.

The CMA’s initial rapid review found concerns over a “widening gap between the price of crude oil entering refineries and the wholesale price of petrol and diesel” and “local price variation“, according to a letter from Kwarteng to the CMA.