UK Business Secretary Kwasi Kwarteng has parachuted in a new chairman of the competition regulator amid a war on petrol stations as fuel prices hit new highs.
He has named Marcus Bokkerink, a former partner at Boston Consulting Group, one of the world's biggest consulting firms, as the person to lead the Competition and Markets Authority's board nearly two years after its last permanent chairman resigned.
The appointment comes after Prime Minister Boris Johnson declared war on petrol stations that fail to pass on the Government's fuel duty cut, pledging to name and shame those that refuse to drop their prices.
Earlier this week, the Telegraph revealed Mr Johnson had expressed fury that the 5p-a-litre cut to fuel duty announced in March was failing to materialise at many pumps. The CMA said it was "closely monitoring the situation".
The RAC says the latest UK average price for petrol is 173.02p a litre and 182.58p a litre for diesel.
Fuel prices are among a raft of issues Mr Bokkerink will have to contend with as he takes the reins of the watchdog.
The CMA now has an expanded remit post-Brexit and will be tasked with curtailing the powers of big technology companies such as Facebook and Google.
It could also face major decisions down the line about whether to allow mergers between British telecoms companies in a bid to boost infrastructure investment, and even a potential tie-up between Channel 4 and ITV.
The CMA has been without a permanent chairman since Lord Andrew Tyrie, a former Conservative MP and chairman of the Treasury Select Committee, resigned in frustration in June 2020.
Mr Kwarteng said: "Marcus will make an excellent addition to the CMA team, bolstering its work to promote competition and innovation to help grow our economy and ensure the best deals for consumers. There are many opportunities on the horizon and his appointment will help us to seize them."
Mr Bokkerink added: "The CMA is a leader among its peers in promoting effective competition and protecting consumers. I am delighted to be asked to work with the outstanding team there and the board to help it fulfil its expanded responsibilities."
FTSE 100
Brent crude futures are this morning continuing their recent upturn, ahead nearly 2% at $123.80 a barrel.
The UK's top share index, the FTSE 100, was up 15 points at 7,623 shortly after opening today, following yesterday's seven-point gain.
Companies reporting today
- Full-year results: Dr Martens