The chancellor says she will be meeting with the bosses of supermarkets and banks later this week, as she seeks to minimise the impact of the rising cost of oil.
Rachel Reeves added that the consumer watchdog, the Competition and Markets Authority has "stepped up their statutory monitoring of fuel prices" since the war began, amid accusation of "price gouging".
"This government will not tolerate any company exploiting this crisis at consumers’ expense," she insisted.
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