Fuel Prices Under OFT Investigation

News Archive

Fuel Prices Under OFT Investigation

September 5, 2012

With the cost of fuel, car insurance and the cost of motoring taking its toll on many of us, drivers may welcome news that the Office of Fair Trading (OFT) are undertaking a long-overdue review of fuel prices.

The OFT have ask for information from motoring groups, the industry and consumer bodies following concerns of the prices currently charged in petrol stations.

A spokesperson for the OFT expressed their concern surrounding the cost of fuel, commenting:

"We are keenly aware of continuing widespread concern about the pump price of petrol and diesel and we have heard a number of different claims about how the market is operating."

They added that the investigation will "help us determine whether claims about competition problems are well-founded and whether any further action is warranted."

The organisation has said that the information will be gathered over the next 6 weeks with an intention to publish its findings in January next year.

The likes of the AA and the Department for Transport (DfT) have also welcomed the decision. The DtT stated that "many motorists are concerned about fuel prices and that when crude oil prices fall, this isn't seen at the pump as quickly as consumers would like."

According to official figures petrol prices have risen by almost 40% since June 2007. In addition to this the cost of diesel has risen by 43% over the same time-scale.

Source: http://www.bbc.co.uk/news/business-19489908