A new fuel finder scheme is being set out to enable drivers access to live fuel prices and to revitalise competition in the retail road fuel market, according to the Competition and Markets Authority (CMA).

The scheme would be made possible by new compulsory open data requirements and backed by a new 'fuel monitor' oversight body.

The proposals are the key recommendations by the CMA to the UK government following its report into the road fuel market.

The report found that between 2019 and 2022, average annual supermarket margins have increased by 6p per litre (PPL).

According to the CMA, greater transparency and shopping around as effectively as possible, the driver of a typical family car could save up to £4.50 a tank within a five-minute drive.

Sarah Cardell, Chief Executive of the CMA, said:

'We need to reignite competition among fuel retailers and that means two things. It needs to be easier for drivers to compare up to date prices so retailers have to compete harder for their business.

'This is why we are recommending the UK government legislate for a new fuel finder scheme which would make it compulsory for retailers to make their prices available in real time. This would end the need to drive round and look at the prices displayed on the forecourt and would ideally enable live price data on satnavs and map apps.'