Businesses that own filling stations across the UK have been “put on notice” that new measures will be introduced to crack down on profiteering.

This will include formal requirements to supply revenue, costs and sales data, all of which will be introduced sooner than first expected.

The CMA said it would consider how quickly petrol and diesel prices rise and fall as wholesale costs change, especially when compared to the fluctuating Brent oil prices.

In the last 24 hours, the price of Brent crude oil has spiked above $100 (£75) again as strikes continue in Iran and tensions boil over in the Middle East.

The measures introduced will accelerate the CMA’s review of fuel margins since the conflict in the region began.

Juliette Enser, executive director for markets, said: “Whilst price increases might be inevitable because of rising wholesale costs, it is important that those increases reflect genuine cost pressures.

|

PA/GETTY

“We will be closely scrutinising and reporting on what’s happening with fuel prices and call out any concerning behaviour.”

The latest data from the RAC shows that petrol now costs more than £1.40 per litre, on average, representing a 7.3p rise since the end of February.

Diesel drivers are facing even greater costs with an 11 per cent rise in price since February 28, with prices now hitting 158.23p per litre.

The CMA said it recognised that businesses are likely to be impacted by rising energy costs as a result of the situation in the Middle East.

However, it stated that fuel stations should not “exploit” the issue and charge petrol and diesel drivers more for their fuel than they should.

The regulator outlined that any evidence of profiteering would be “made clear” in the CMA’s next pricing update.