UK regulator says no evidence fuel retailers taking advantage of Middle East crisis

LONDON, June 1 (Reuters) - Britain's competition regulator ​has ‌found no evidence that retailers had altered their fuel pricing ⁠strategies to take advantage of the ⁠Middle East crisis, but warned ​that weak competition in the sector remained a concern, it said on Monday.

The Competition and Markets Authority's analysis indicated that elevated ​wholesale ‌prices continued to explain most of the increase in pump prices in March and into April, it said in a statement.

The British government, like others globally, is under pressure ​to help households cope with rising fuel costs and ‌a knock-on increase in other prices, following a surge in oil prices linked to the ‌U.S.-Israel war in Iran which began in February.

Finance minister Rachel Reeves set out a range of support measures last month aimed ​at easing the resulting cost-of-living pressures in Britain.

"We know prices at the ‌pump are putting real pressure on drivers' pockets," CMA boss Sarah Cardell said in the statement.

"While our analysis shows ⁠the rise ⁠in wholesale prices is the main reason ‌for higher fuel prices, we remain concerned about weak competition in the ​sector leaving ​drivers paying more."

The regulator said it would ‌be paying "close attention" to whether improvement in supply conditions is passed on to consumers in retail prices. (Reporting by Sam Tabahriti; writing by Muvija M; editing by Michael Holden)

Tesco

Sainsbury's

Shell

BP