Money

How Marks and Spencer Group Plc Will Deliver Its Dividend

The Motley Fool — 2013-05-24T01:00:00+00:00

I'm looking at some of your favourite FTSE 100 companies and examining how each will deliver their dividends.

Today, I'm putting iconic high street retailer Marks and Spencer Group (LSE: MKS) under the microscope.

Dividend history: cut #1

All was rosy with M&S in the mid-1990s. Within its final results for the year ended March 1998, the company was able to toast 5-year earnings-per-share (EPS) growth of 62% and dividend growth of 77%. The 1997/98 dividend was covered around twice by both adjusted and statutory EPS -- a healthy level of cover you might think, with little imminent risk to shareholders' income.

However, M&S suffered a terrible second half the following financial year. Profits collapsed, the final dividend was held flat, and the total dividend for the year (14.4p) was barely covered by adjusted EPS and uncovered by statutory EPS.

The next year -- 1999/2000 -- profits fell again as a result of restructuring charges. M&S slashed the dividend by 37.5%, the payout representing the entirety of the company's profits for the year.

Dividend history: cut #2

M&S was soon able to begin increasing the dividend again from the 'rebased' level, but it was not until 2005/6 that the payout got back to being twice covered by EPS -- although the dividend itself of 14p was still below the 1998/99 level. The company told us its dividend policy going forward:

"With dividend cover now restored to over two times, the Board's future policy is to grow dividends broadly in line with adjusted EPS growth for each half of the financial year".

Within two years M&S had increased the dividend to a record level of 22.5p ... then came the great recession. In announcing its 2008/9 results, the company said it would be rebasing the dividend to 15p -- a 33% cut, and almost back to the level of a decade ago. Shareholders heard a familiar refrain:

"The Board's policy regarding future dividends is to re-build cover towards two times and thereafter, to grow dividends in line with adjusted EPS".

The current state of play

M&S has paid a dividend of 17p a share for each of the last three years. The table below shows how the payout has measured up against the policy of having a twice-covered dividend growing in line with adjusted EPS.

	2010/11	2011/12	2012/13	2013/14 forecasts	2014/15 forecasts
Adjusted EPS (p)	34.8	34.9	32.7	34.6	37.3
Dividend per share (p)	17.0	17.0	17.0	17.9	19.0
Dividend cover	2.0x	2.1x	1.9x	1.9x	2.0x

As the table shows, M&S has paid dividends in line with its policy over the past three years. Analyst dividend expectations for the next two years of 5-6% annual growth are also in line with the company's twice-covered-by-earnings target -- assuming, of course, that the analyst earnings forecasts are on the money.

Summing up

M&S may not have grown its dividend over the past three years, but the dividend has been covered around two times by earnings as per the Board's policy, and analyst expectations for the next two years don't look unreasonable.

However, as I've shown you, M&S's earnings in the past have been capable of taking a sudden and dramatic turn for the worse, with a consequent unwelcome effect on the dividend.

This is not unique to M&S, but something to which companies in the general retailer sector are broadly vulnerable. The sector is invariably one of the hardest hit during recessions, but even when economic conditions are benign there are so many ways for businesses that rely on the fickle consumer and fast-changing fashions to get their offer wrong.

Investors who are particularly interested in a steadily growing income should bear in mind that M&S -- and other general retailers -- are always likely to give you a bumpy dividend ride.

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Our top analysts have identified a select handful of blue-chip companies as "5 Shares To Retire On". The fab five, which include a utility group "with nearly guaranteed returns" and a healthcare company with "prodigious cash generation", are some of the highest-quality businesses you'll find within the FTSE 100.

This free report can be yours right now with no further obligation -- simply click here.

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Where will your pound go further in summer 2013?

Sandra Haurant — 2013-05-23T19:01:00+00:00

Filed under: Holidays

British tourists heading abroad for their holidays will find the price of a local meal feels steeper than last year as the pound has lost value against 80% of global currencies in the past 12 months.
According to foreign exchange specialists Moneycorp, sterling is weaker against 38 of 50 global currencies compared with a year ago, and people travelling to Europe, or further afield to the States and Australia, may find their holiday money does not go as far as they hoped.

"The weak performance of sterling over the past 12 months means our summer pounds aren't going to stretch quite as far this year as they did last year," said Matthijs Boon, Moneycorp's director of travel money.

Moneycorp's Boon said British travellers could get more for their pound in countries where sterling has strengthened against local currencies, such as Argentina, South Africa and Brazil. However, he added: "Cheaper destination costs will need to be weighed up against the higher price of flights to get there, when compared to hopping on a plane over to mainland Europe."

However, there are still some far flung destinations where British holidaymakers' pounds will stretch further this summer compared to 12 months ago:

For those intent on staying in Europe, the picture isn't helped by the cost of petrol. A recent report by the Post Office showed that motorists travelling to mainland Europe will find filling up with fuel a pricey business. The Post Office's Motoring on the Continent report showed that unleaded petrol prices have increased by 9p per litre over the past 12 months in Spain, and by 7p per litre in France, and as sterling remains weak the increases will be felt even more keenly for British travellers.

Moneycorp has the following advice for travellers to help their holiday money go that little bit further:

Don't use a credit card to withdraw money from an ATM abroad, you will pay the bank's exchange rate as well as a foreign exchange fee and an ATM fee. You will also owe interest on your withdrawal immediately.
Use a pre-paid currency card, such as Moneycorp's Explorer card, which you can load with money before you leave. You won't pay a foreign exchange fee when you withdraw cash from an ATM, and you'll also get a better exchange rate.
Avoid withdrawing from ATMs in shops as they are likely to charge a fee.
Take a combination of cash and cards to cover the first few days of your break. You may need cash for taxis or tipping in restaurants.
Order travel money online to get the best exchange rates. It can even be delivered to your home or a bureau de change at the airport you leave from.

Energy bills could overtake mortgage repayments by 2025

lovemoney.com — 2013-05-23T12:30:00+00:00

Filed under: Utilities

Energy company First Utility has issued a chilling warning about the future of energy prices.

Gas and electricity bills are on course to become our biggest household expense.

First Utility found the annual cost of energy could soon exceed what some people pay towards their mortgage each year.

It's warning that should prices keep increasing at the same rate they will exceed average annual mortgage repayments in some parts of the country by 2025.

Could you save money by remortgaging? See the latest rates and get expert advice

How could it happen?
First Utility's analysis of Ofgem data found that the cost of gas and electricity has risen by 8.5% in each of the last five years, leaving us with an average annual dual fuel energy bill of £1,420.

At the current rate, in 12 years' time an energy bill might reach £3,761 - which is £125 more than the typical annual mortgage repayment in Stoke-on-Trent.

By 2029 the soaring cost of energy could mean an annual energy bill reaches £4,808, surpassing average yearly mortgage repayments of £4,776 for homeowners in Liverpool by £32.

And just one year later, in 2030, homeowners in Norwich and Birmingham will be in the same boat; paying £223 and £103 more respectively for energy than their mortgage that year.

Who will be to blame?
First Utility's grim prediction for future price rises assumes average annual mortgage repayments stay the same for the next 30 years and energy bills rise in a uniform manner.

That may seem like a stretch, but the energy company says it's quite a likely scenario if interest rates remain low, our consumption behaviour stays the same and government energy policies don't change.

Everyone else, it seems, will be to blame but the energy companies.

Shifting blame
Back in April First Utility joined the long line of energy companies to hike prices by announcing an 18.6% price rise.

Though the level of hikes varies between companies, the increased cost of wholesale gas and oil was used by all as the reason for driving prices up, as well as the cost of implementing government energy policies.

First Utility believes the cost of updating outdated infrastructure, subsidising energy efficiency measures, implementing renewable energy schemes like wind farms and an unfair energy market that lacks competition will contribute to the potential future price rises it predicts.

But government figures tell a different story.

Opposing figures
While First Utility's data suggests dual fuel energy will cost £2,505 by 2020 - rising by over £1,000 compared to current costs - the government predicts energy bills should only rise by £76 by 2020.

The smaller change is dependent on the take up of government policies like the Green Deal loan scheme.

The Department of Energy & Climate Change (DECC) published a report earlier this year where it predicted energy bills are likely to continue on an upward trend, with or without policies, as a result of rising wholesale energy and network costs.

The report looked at the impact of government energy and climate change policies and found that increased costs of £268 would be greatly outweighed by the eventual savings of £452 by 2020.

In all the government's energy-saving policies, like better gas boilers, tighter building regulations, the Green Deal loan scheme and smart meters could save householders around £166 a year by 2020.
Limiting the impact

Whoever's to blame one thing we can't deny is that energy bills are rising and one solution is to be more energy efficient.

Ian McCaig, CEO at First Utility said: "To address the inevitability of energy price rises, two things need to happen: We need industry reform to level the playing field and encourage more competition and we need to help consumers reduce their energy usage and get more efficient."

Strangely the boss at First Utility is actually encouraging us to use less energy. He added: "First Utility has an entirely different mindset to the Big Six in that it wants consumers to actually use less energy and helps them find ways to do so, giving people real and tangible ways to use less energy and lower their bills."

First Utility was the first UK energy supplier to offer smart meters to all its customers in 2008. In 2012 it launched my:energy, an online analytics service which provides households and businesses with personalised information regarding their energy usage.

The cheapest energy deals
As well as becoming more energy efficient in your home you can also make sure you are on the most cost effective energy tariff.

Here are the top cheapest energy tariffs around at the moment:

Supplier	Tariff	Average cost	Saving vs typical bill*	Payment method	Notes	Cancellation period
Sainsbury's Energy	Online July 2014	£1,157	£263	Monthly DD	Discounted variable tariff. 4% discount on Clear & Simple tariff rates until 31st July 2014	£30 per fuel until 31 July 2014
SSE	Discounted Energy Bonus October 2014	£1,158	£262	Monthly DD	Discounted variable tariff. Prices are guaranteed to be 11% cheaper until 1st October 2014.	£50 if you switch away before 1st October 2014
ScottishPower	Online Energy Saver 22	£1,180	£240	Monthly DD	Discounted variable tariff. Prices will always remain 6.3% lower than ScottishPower's standard gas and electricity prices until 31st July 2014	£25 per fuel until 31 July 2014.
npower	Energy Online August 2014	£1,182	£238	Monthly DD	Discounted variable tariff. Customers on this tariff are guaranteed at least 2% lower bill than npower's current Standard (off-line) variable prices until 31st August 2014	£30 per fuel until end of discount period 31/8/2014
npower	Online Price Fix August 2014	£1,184	£236	Monthly DD	Fixed until the 31 August 2014	£30 per fuel until end of discount period 31/8/2014
EDF	Blue +Price Promise February 2015	£1,192	£228	Monthly DD	Prices fixed until 28 February 2015	None
First Utility	iSave V15	£1,199	£221	Monthly DD	Discounted variable tariff.	None
ScottishPower	Online Fixed Price Energy October 2014	£1,201	£219	Monthly DD	Fixed until the 30th of September 2014	£25 per fuel before fix end
British Gas	Online Variable May 2014	£1,219	£201	Monthly DD	Discounted variable tariff. 4% discount against Clear & Simple prices until 31st May 2014	£30 per fuel until end of discount period 31/05/2014
E.ON	Energy Discount	£1,222	£198	Monthly DD	Discounted variable tariff. At least 3% cheaper than standard prices for 12 months	There is a cancellation fee of £10 if you switch away before the end of the guarantee period

*Saving calculated against an average bill as decared by OFGEM in winter 2013 (£1,420)

All calculations are for an average usage dual fuel household paying by monthly direct debit. Average usage as defined by OFGEM is 16,500 kWh pa of gas and 3,300 kWh pa of electricity

See if you can save on your gas and electricity bills

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We're living longer, but when will longevity plateau?

Michelle McGagh — 2013-05-23T11:30:00+00:00

Filed under: Retirement

The government is worried but our ageing population but what will be the cut off for longevity and will all our poor lifestyle choices actually start to reverse the years we have gained on our lives.

Longevity has been increasing steadily since the two World Wars, and certainly since the introduction of the state pension in 1948 when a person who retired at 65 was only expected to live another two years.

This is compared to a man aged 65 who can expect to live to 83 and a woman aged 65 who will live to 85.

But how long can longevity carry on increasing? Granted we've got a few more years to go but it has to stop at some point. We might have more people living to 100 but the real issue is quality of life.

Unfortunately the number of healthy years in retirement isn't keeping pace with increasing longevity. Men and women who retire at age 65 can expect to spend 56% and 57% respectively, of their retirement in good health.

So there are two main questions to answer; what is the cut off point for longevity and how many of those extra years will be of a decent standard where we are free from illness and disability?

I don't believe Dr Aubrey De Grey's prediction that humans will eventually live to 1000-years-old due to medical advancement. However, much medicine has advanced to diagnose illnesses earlier, treat them more effectively and keep us alive for longer, medical advancement cannot stop us from shortening our lives.

There is still a quarter of the UK population who smoke and the number of people who are considered obese has trebled over the past 25 years.

These factors, and others such as alcohol mis-use and increased stress levels, all have a negative impact on longevity but it will be interested to see whether our bad lifestyle choices will become so detrimental that we slow down longevity increases substantially or even reverse the trend altogether.

Our retired lives are becoming shorter by government order in that it is increasing the age at which we receive our state pension, which the majority of people rely on as their main income in old age. All of the poor lifestyle choices that we make mean we are shortening our lives at the other end of retirement and dying earlier.

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Checkout staff bonus pot halved

Press Association — 2013-05-23T10:35:00+00:00

Filed under: Career

Checkout staff at Tesco have seen their annual shares bonus pot halved after the supermarket giant slumped to its first annual profits fall in nearly 20 years.

The retailer said 280,000 UK staff will share a payout worth £56 million, down from £110 million a year earlier and worth a maximum of £1,625 per worker.

About 5,000 top managers and its board have also been denied bonuses and long-term shares awards after the retailer's 2012/13 performance "fell short of where we wanted it to be", its annual report revealed.

Tesco endured a "challenging" year in 52 weeks to the end of March, with bottom line pre-tax profits diving 51.5% to £1.96 billion as it was hit by slowing sales growth and a raft of hefty writedowns.
These included an £804 million charge from its decision to scrap more than 100 major store developments in the UK. It also took a £1.2 billion hit from its failed foray in America and is offloading its loss-making Fresh & Easy business. Tesco is instead focusing on reinvesting profits in its existing UK business and expanding online, part of a £1 billion overhaul.

Chief executive Phil Clarke took home £1.17 million during the year, up marginally on a year earlier, comprising a salary of £1.11 million and £57,000 in benefits. That compares with a £7 million potential package. Finance director Laurie McIlwee saw his total pay fall almost 20% to £917,000, the report showed.

Mr Clarke and Mr McIlwee missed out on long-term shares worth a combined £2.4 million when the awards lapsed because of the missed performance targets. Tesco's top 5,000 bosses earned 16.9% of their bonus potential a year earlier.

Stuart Chambers, chairman of the group's remuneration committee, said: "This demonstrates that our remuneration policy is effective in aligning pay with performance".

The £56 million staff shares award is equivalent to 1.5% of an employee's earnings, and is payable to workers who joined the group before February 25. Shares are held in trust and can be sold after three years.

A spokeswoman said while the staff payout is not tied to specific measures, "it's not been a secret that it's been a challenging year for the business".

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M&S launches green tomatoes

Sarah Coles — 2013-05-23T09:58:00+00:00

Filed under: Shopping & Deals

Marks and Spencer

Marks and Spencer has started selling green tomatoes. The 'sweet greens' are said to be sweeter than the traditional red tomatoes, and are on sale in some stores to test demand.

So how are they different, and would you buy them?

The tomatoes

The tomatoes were discovered in Israel and have been developed by Andy Roe, a farmer in Lancashire, working with M&S. They will go on sale in some stores at £1 for 100g, and if the trial is popular they will be rolled out across the chain.

Typically buyers associate green tomatoes with being unripe and sour. However, this one has sugar levels of up to 12 (on the Brix scale used to measure the sweetness of fruit and vegetables), while a typical supermarket red tomato is closer to eight or nine.

M&S Tomato Technologist, Jo Oliver, said: "We're really excited to be bringing our customers the first ever sweet green tomato. We've been working closely with our growers to create a stunning green tomato with a perfect balance of acidity and sweetness, that we are sure customers will love."

Odd

Marks and Spencer has a history of selling unusual fruit and vegetables. It has previously trialled black apricots, tiger-striped green and red tomatoes, round carrots, the flower sprout (crossing kale with sprouts) and tiny tangerines.

When announcing the new green tomatoes, it said that customers are getting more adventurous in their shopping habits, and want to go beyond the traditional favourites to try something new. It is also expecting the tomatoes to make it into children's lunchboxes as a novelty.

But what do you think, are green tomatoes a welcome addition to the shelves? Will they create a dinner-time talking point? Or are they an expensive gimmick? Let us know in the comments.

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Royal Mail driver stole £230k of parcels

Sarah Coles — 2013-05-23T09:25:00+00:00

Filed under: Your Rights

Fiona Hanson/PA Archive/Press Association Images

A Royal Mail driver has been jailed for stealing parcels worth almost £230,000. Paul Doughty, 57, from Devon Court, Liverpool, kept much of the cash in a range of bank accounts, as well as buying himself a timeshare in the Canary Islands, and a caravan.

And he's not the only Royal Mail employee to have abused his position.

Theft

It's not known exactly how much Doughty stole. Royal Mail paid out £228,935.28 in insurance claims for the stolen post, but it could be more, given that not everyone will have made a claim.

The Daily Mail reported that the pattern of missing recorded delivery parcels alerted Royal Mail to the problem in 2011. Investigations revealed that Doughty may be involved, so a surveillance operation was started.

According to the Warrington Guardian, Simon Clarke, prosecuting, told Warrington Crown Court what they found: "He was stopping his Royal Mail HGV at the side of the motorway and removing mail sacks and putting them into black bin bags before hiding them in bushes at the roadside. When he had finished his duty he would return in a private vehicle to collect the bags and dispose of them through what is thought to be a network of buyers."

Doughty pleaded not guilty, but admitted fraud charges in March. He was jailed for three years and nine months. The Judge said: "'Those who are employed by Royal Mail have a special position and are regarded as people the public have a high degree of trust in." He added: "This was pure, unadulterated greed."

Not the first

However, he is not the first to have abused this trust. In February we reported the case of Jabur Hissan, a 32-year-old postman from Birmingham, who was jailed for eight months for destroying almost 30,000 letters that he should have delivered. He was apparently having personal problems and struggling to keep up with his rounds.

Then there was postman Paul Willicot, a 44 year old from Paignton in Devon, found guilty of hoarding over 30,000 letters that he didn't get round to delivering, and sentenced to community service in November 2011.

And let's not forget 38-year-old Yogeshbhai Patel, a postman from Wigston, Leicester, who stole mail including 2,000 DVDs and 2,250 games along with CDs and other electrical equipment. Patel pocketed £46,686 over two-and-a-half years. He was jailed for two years.

Clearly there are many millions of letters and parcels which are diligently delivered by trustworthy Royal Mail employees. However, if you should be unlucky enough to have post go missing, it's worth checking out this guide we put together on how to make a claim for missing mail.

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Rolling Stones rocker Richards racks up £3k library fine

Adrian Holliday — 2013-05-23T08:30:00+00:00

Filed under: News

Keith Richards may owe a local library £3,000 in fines. The 69-year-old Rolling Stones musician has admitted that he failed to return books he borrowed more than 50 years ago from a Dartford library.

On the basis that the fines are usually 15p a day - plus admin and interest - this comes to £3,000. However, the library has offered him a deal.

Brought to book

Athough Richards is on a Stones world tour, Dartford Library - reportedly haunted - has offered to waive the fine, provided the rock star pays them a visit. The library's negotiating position is compromised given that it has no record of the books Keith Richards originally borrowed.

"If he would like to come and visit and help us spread the word about what a great service this is," Kent's Head of Libraries, Registration and Archives, Cath Anley, told the Mirror, "he would more than compensate us for the books he didn't return."

"Unfortunately," she added, "any of our books missing since the 1960s will have been removed from our records many years ago."

Alternatively, Richards could stick a cheque in the post. Given he's worth around £175m, he's not short.

Library strategies

Some libraries have adopted interesting strategies to retrieve books. San Francisco's Public Library turned an overdue book amnesty program into a creative writing contest in 2009. Borrowers could return books without paying fines, provided they could scribble a good excuse.

Meanwhile in 2011, The New York Public Library waived outstanding fines of more than 140,000 city children barred from borrowing books. The condition? They had to read. Kids which enrolled in a summer reading program could erase $1 from their bill for every 15 minutes of reading they undertook, Reuters reported.

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Pensioners confused into losing £5.5bn benefits

Sarah Coles — 2013-05-23T07:44:00+00:00

Filed under: Retirement

Martin Foerster/DPA/Press Association Images

Life is getting tougher for pensioners, as their fixed incomes are stretched thinner than ever by rocketing food and fuel bills. However, at the same time, there's £5.5 billion in benefits waiting to be claimed by pensioners.

So what is this money, and why isn't it being claimed?

Hardship

The seriousness of the financial crisis facing pensioners must not be underestimated. New research from Age UK found that 56% are worried about affording the absolute basics of feeding themselves and paying for heating. A fifth had to cut back on heating this winter, while a fifth are buying cheaper food. It's a growing crisis, which means that 1.7 million pensioners are now living in poverty.

However, at the same time as pensioners struggle, there are billions of pounds which should be lining their pockets, which are lying unclaimed at the Treasury.

What is this money?

The bulk of the money is pension credit - which makes up £2.8 billion. According to Age UK, around 38% of all those who are entitled to pension credit do not claim it - that's around 1.58 million people. The credit will top up your income to £145,40 a week, and the average amount being missed is £1,092 per person per year.

Housing benefit also makes up a chunk of this. Age UK estimates that 390,000 people are missing out, and that the average amount of unclaimed housing benefit is £2,444 per person per year. That comes to a total of £1.03 billion.

And finally there's Council Tax, of which £1.69 billion goes unclaimed every year. Age UK estimates that 46% of those who would be entitled to it don't claim it - which works out as 2.23 million people. The average person is missing out on £728 a year.

Why?

There are several reasons why this money is not claimed. Some people don't know they are entitled to it. Others don't know how to apply. Citizens Advice Chief Executive Gillian Guy said: "A lot of people simply don't know about the help that's out there. Others are put off because the system can seem very daunting. Some think the amount they get will not be worth the trouble. But all too often they are missing out on substantial amounts of extra cash that could make a real difference to their lives."

What can be done?

Age UK has a benefits calculator which works out what you are entitled to, and is a great place to start.

You can also get help in person - not just assessing what you are entitled to, but claiming for it as well. Charities like Age UK and Step Change have teams of experts trained to help you apply for benefits and complete all the paperwork properly. Alternatively you can ask for help at your local Citizen's Advice Bureau.

Meanwhile, some people will not claim benefits through a sense of pride. People are perfectly entitled to take any kind of stand they like. But given that so many of them have paid so much in tax over the years, and taken so little out of the system, surely they deserve some help with basic necessities as they get older.

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Cheapest and most expensive places to buy petrol revealed

lovemoney.com — 2013-05-23T07:00:00+00:00

Filed under: Motoring

A new survey says the average price at the pumps is falling, although there are big differences across the UK.

The price of unleaded petrol has dropped, according to new figures from Santander.
The bank's research found that the average price at the pump has decreased by 6.28p a litre since early March.

However, there are big differences between prices in different parts of the UK. Carlisle is the cheapest place to fill up with unleaded petrol, with an average price of 129.7p a litre. Taunton in Somerset is the most expensive place, with prices averaging 136.9p a litre.

Here are the top five most expensive places to fill up with unleaded petrol.

Town	Price per litre of unleaded petrol	Cost of filling up 60-litre tank (eg Ford Focus)	Cost of filling up 70-litre tank (eg Ford Galaxy)
Taunton	136.9p	£82.14	£95.83
Hereford	136.33p	£81.80	£95.43
Northampton	136.12p	£81.67	£95.28
Stevenage	135.85p	£81.51	£95.10
Milton Keynes	135.5p	£81.30	£94.85

And here are the five cheapest places.

Town	Price per litre of unleaded petrol	Cost of filling up 60-litre tank (eg Ford Focus)	Cost of filling up 70-litre tank (eg Ford Galaxy)
Carlisle	129.7p	£77.82	£90.79
Aberdeen	129.9p	£77.94	£90.93
Bradford	129.9p	£77.94	£90.93
Wigan	130.13p	£78.08	£91.09
Sunderland	130.7p	£78.42	£91.49

To find out where you can buy petrol for less in your area, go to PetrolPrices.com

Earn money on your fuel spending with a cashback credit card

Oil falls, but has it been overpriced?
The Office for National Statistics said that the price of oil fell by 6.8% between March and April, which is one of the key contributors to a fall in annual inflation during April and the price falls above.

There was also relief for motorists in this year's Budget when a planned 3p increase in fuel duty, due to come into effect in September, was scrapped.

However, BP and Shell are among companies currently being investigated over alleged fixing of oil prices.

Looking for cheaper car insurance? Try our comparison tool

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