Road Fuel Prices
Richard Fuller Excerpts(2 years, 8 months ago)
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Graham Stuart
Following this report, the CMA has decided to look into the supermarkets and will report back as soon as next month.
Richard Fuller (North East Bedfordshire) (Con)
I thank the CMA for its report and the Government for accepting the recommendations, although I think we are putting too much faith in price transparency to solve the market problem. I was interested to see in the trend profit margins for supermarket retailers and non-supermarket retailers that supermarkets are consistently increasing their margins while non-supermarket retailers are not. Will the Minister follow up with retailers, in the light of this report, to make sure that we check that the margins come down next year and in the following year?
Graham Stuart
I thank my hon. Friend for his typically penetrating question. As I said, one of the recommendations is to maintain a monitoring function, which will help to give us the market intelligence so that if further intervention is required, we will have the data on which to base it.
Oral Answers to Questions
Richard Fuller Excerpts(3 years, 1 month ago)
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Grant Shapps
I do not think I could have been any more vocal about this issue. Indeed, we brought that practice, which the hon. Lady rightly describes as abhorrent, to a close. We are also not soft on the energy providers, particularly given the 75% taxation, which is at a level designed to ensure that we have been able to support, in part, the 50% reduction in people’s household bills. As I said in answer to the previous two questions, we will return with more on this shortly.
Richard Fuller (North East Bedfordshire) (Con)
Many on the Conservative Benches will be wondering what on earth Ofgem has been doing. It is supposed to be a regulator and to look after consumer interests, but it blunders around. It blundered around with the price gap, and it blundered around with its market entry strategy, meaning that energy companies could essentially put all bill payers’ money on red in a casino. It has ended up with billions of pounds taxpayers’ money being put into bailouts. Please can we have something more than the efforts by the Government to look at new non-executive directors—surely it is time to ask why the chief executive remains in post—and can we have better oversight of this regulator and regulators in general? They are getting away with ripping off consumers and allowing companies to do exactly the same.
Grant Shapps
I think it is always right that we keep what our regulators do under very close watch. My right hon. Friend the Minister of State has met the chief executive officer of Ofgem regularly, and I am meeting him shortly as well. We will continue to do that. I have called Ofgem out when I have been concerned and thought that it had had the wool pulled over its eyes by the energy companies, and I will continue to ensure that whatever happens will be appropriate for the future of this market. As my hon. Friend knows, we are undertaking a review of the way in which the energy markets operate at the moment.