INVERCLYDE'S MP today welcomed a new move to clamp down on rip-off petrol prices in the area.

Ronnie Cowan has welcomed tough new powers for the Competition and Markets Authority to fine petrol retailers who continue to profit from sky-high fuel prices.

The CMA has now written to Mr Cowan to thank him for his support in bringing unfair prices to their attention during the cost-of-living crisis, and to outline how the new powers will work.

A new regime will see fuel retailers, including the Tesco and Morrisons supermarkets in Inverclyde, forced to come clean on how much they are charging customers on their forecourts versus their profits.

Those that fail to comply will face a fixed fine of up to one per cent of their worldwide turnover, or an ongoing fine of up to five per cent of daily turnover.

It means that operators not complying could face huge financial penalties.

The MP previously dubbed local petrol pricing in Inverclyde as a "cartel" and a "rip-off" when he highlighted how they were significantly higher than prices elsewhere in Scotland.

He also went public on how some supermarkets were reluctant to even engage with him when he asked them to justify prices here.

The tough new rules are expected to come into force next year.

Mr Cowan said: "These new measures are overdue and welcome.

"The unfair pricing in Inverclyde is hitting families already trying to deal with record energy and food prices.

"So it is completely unacceptable for any business or organisation to take advantage of high inflation by unnecessarily raising prices and upping their profits.

"Giving the CMA new powers is a significant step forward.

"More generally though, petrol retailers should understand that they are under watch and now rather than being able to profit, they could be hit with significant fines.

"Petrol pricing locally is one of the biggest issues in my email inbox.

"So I thank those who have raised this issue and would urge them to continue to call out greedflation wherever they see it, be that on petrol prices or prices for anything else.

"My constituents made their feelings clear to me and I have engaged with the CMA and tried to engage with retailers.

"I cannot set the prices at the pumps, but what I can do is call out rip-off pricing and push for action."