The UK's Competition and Markets Authority (CMA) has launched an investigation into petrol retailers following significant price increases attributed to the ongoing conflict in Iran. As of now, petrol prices have surged to 157p per litre and diesel to 189p per litre, compared to 134p and 142.9p respectively earlier this year. Despite concerns over price gouging, the CMA reported that the fuel margins—what retailers earn above the cost of fuel—remain at 107p per litre, similar to pre-conflict levels. The watchdog noted some retailers did increase their margins in March and will be scrutinized further. With the price of oil hitting $126 per barrel, the CMA emphasized the importance of competitive pricing among retailers, as significant local price variations could save consumers up to £9 per tank. The CMA's chief executive, Sarah Cardell, highlighted the need for transparency in pricing and the importance of ensuring that any drop in costs is quickly reflected at the pump. Energy Minister Martin McCluskey supported the CMA's findings, urging accountability for retailers that do not comply with fair pricing practices.