Ministers Confront Petrol Retailers Over Soaring Fuel Prices in High-Stakes Meeting
Chancellor Rachel Reeves has issued a stern warning to petrol retailers, emphasizing a shared obligation to keep prices down for motorists amidst soaring costs and the ongoing war in the Middle East. The meeting, held at 11 Downing Street on Friday, March 13, 2026, included executives from major firms such as Asda, BP, ExxonMobil, and Shell, following rising public concern over household finances.
Threatened Withdrawal and Government Assurances
The Petrol Retailers Association (PRA) had threatened to pull out of the meeting hours before, citing inflammatory language from the government that they claimed led to increased abuse against forecourt workers. The meeting proceeded only after Treasury assurances that it would be largely private. Gordon Balmer of the PRA noted that the government did not apologize for its language, but described the discussions as constructive and collaborative.
Government Stance on Unfair Practices
Energy Secretary Ed Miliband warned the industry executives that the government would not tolerate unfair practices, highlighting the need for transparency and fairness. The RAC reported that the average price for a litre of unleaded petrol has risen by 8p since the start of the crisis, now reaching its highest level in 18 months at 140.60p, up from 132.83p.
Chancellor's Call for Open Dialogue
Ms Reeves thanked the petrol bosses for their cooperation but insisted on an open and frank conversation. She stated, We have concerns around the high prices, and we do have a shared obligation. Despite this, the chancellor has not announced any changes to her plan to gradually phase out a 5p cut to fuel duty, with a 1p increase set to begin in September this year.
Industry Response and Future Collaboration
Following the talks, Mr. Balmer commented, The meeting went very well. We engaged in constructive discussion with the government on this, and we are working collaboratively with them. An official summary of the meeting indicated that attendees agreed to continue working in the shared interest of motorists on this critical issue.
Broader Context and Public Impact
Ms Reeves has previously urged the competition watchdog to crack down on rip-off fuel prices to prevent profiteering amid high oil prices due to the Iran war. The government has promised to intervene if companies engage in unfair practices, particularly affecting customers facing rising home heating oil costs, which are not covered by Ofgem's energy price cap. However, the AA warned that motorists will inevitably face higher costs due to global price hikes and called on Ms Reeves to delay the planned fuel duty increase.
