Asda has initiated the online publication of local fuel prices, responding to concerns over elevated fuel costs.
- Motorists can now access the latest petrol and diesel prices on Asda’s website before visiting its stations.
- Currently, prices are updated each morning, reflecting the previous day’s closing rates, with real-time updates planned.
- The initiative aligns with a voluntary scheme proposed by the CMA for greater pricing transparency.
- Asda’s pricing strategy has come under scrutiny amid growing calls for transparency in supermarket fuel pricing.
As part of a move to enhance transparency, Asda has become the first supermarket to publish its local fuel prices online. This initiative comes after mounting pressure and inquiries from Members of Parliament regarding the substantial increases in fuel prices over recent months. By providing this service, Asda allows customers to check petrol or diesel costs before travelling to one of its filling stations, thereby offering them an opportunity to find the best available rates conveniently.
Currently, the prices showcased on Asda’s platform are updated daily at 10:30 am, reflecting the closing price from the previous day. Asda has announced its plans to further enhance this system to provide real-time pricing updates in the near future, demonstrating a commitment to delivering up-to-date and accurate information to motorists seeking cost-effective fuel options.
This move is in response to findings by the Competition and Markets Authority (CMA), which highlighted that consumers purchasing fuel from the UK’s major supermarket-owned forecourts paid an additional £900 million the previous year due to increased profit margins set by these retailers. In line with the CMA’s suggestions, a voluntary scheme was proposed in July to encourage supermarkets to share their fuel pricing information, thus facilitating better price comparisons for consumers.
According to an Asda spokesperson, the supermarket aims to lead in cost competitiveness by making its fuel prices publicly available online, thereby empowering customers to find value at the pumps even before leaving home. This effort is a part of Asda’s broader strategy to collaborate with the government towards establishing an industry-wide fuel finder scheme that would standardize and simplify fuel price transparency across the sector.
The initiative follows a somewhat contentious meeting with the Business and Trade Committee, where Asda’s co-owner Mohsin Issa was scrutinized by MPs. Despite the criticism, Issa maintained that the supermarket’s pricing strategy had not been altered since his acquisition of the business in 2021. The scrutiny underscores the increasing demand for accountability and transparency in fuel pricing from supermarket chains by both government bodies and the public.
Asda’s initiative marks a significant step towards transparency in fuel pricing, setting a precedent for other supermarket chains.
