Tesco, Asda, Sainsbury's, Morrisons drivers to be handed free £171 after Budget
Petrol and diesel drivers could soon see see major fuel station changes that could slash costs by 6p per litre. The Competition and Markets Authority (CMA) has confirmed that a so-called "Fuel Finder" will be introduced in the coming months to help petrol and diesel drivers.
It will be launched to increase price transparency which will help Tesco, Morrisons, Asda, Sainsbury's drivers to compare prices easily and make more informed decisions on where to buy petrol and diesel. It has now been confirmed that the Fuel Finder will be launched "as quickly as possible".
It is hoped that a 6p per litre fuel cuty could cut £3.30 off the average family car tank, equating to £171 over a year. During 2025, the Fuel Finder will be developed, with hopes the Data (Use and Access) Bill will receive Royal Assent. The report states that Fuel Finder will be launched by the end of 2025.
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The Budget documents states: "While fuel price reactions are inevitably uncertain and sensitive to wider global factors, by increasing transparency and encouraging competition between forecourts, scenario modelling by the Government suggests pump prices could reduce by 1-6p per litre as a result of these measures, helping to ensure that drivers get a fair deal for fuel across the UK."
Setting out the Government’s investment plans, Chancellor Ms Reeves said: “Today we are confirming our plans to capitalise the National Wealth Fund, to invest in the industries of the future, from giga-factories, to ports, to green hydrogen.
“Building on these investments, the Business Secretary (Jonathan Reynolds) is driving forward our modern industrial strategy, working with businesses and organisations like Make UK to set out the sectors with the biggest growth potential.
“Today, we are confirming multi-year funding commitments for these areas of our economy, including… nearly £1 billion for the aerospace sector to fund vital research and development, building on our industry in the East Midlands, the South West and Scotland.
“Over £2 billion for the automotive sector to support our electric vehicle industry and develop our manufacturing base, building on our strengths in the North East and the West Midlands. And up to £520 million for a new Life Sciences Innovative Manufacturing Fund.”