Call for probe into ‘suspicious’ petrol prices

CAMPAIGNERS yesterday called for the Office of Fair Trading to launch a full investigation into the petrol market.

The OFT is to report today on the findings of a review it has been carrying out of how the sector operates.

The founder of campaigners FairFuelUK, Peter Carroll, said: “The report by the OFT should call for a landmark full investigation into why the UK road fuel market is so dysfunctional with its regional variations, slow price falls, apparent market monopolies and pump prices measured in nine-tenths of a penny.

“There is a suspicion that some people are making a lot of money speculating in the petrol and diesel market that is essential for every family and business in the country. This needs to be fully examined and these suspicions addressed.”

Quentin Willson, national spokesman for the organisation, added: “This market has been hiding itself in the long grass for far too long and consumers have a right to transparency, honesty and fair pricing.

“We want to know how wholesale prices are calculated, why wholesale prices move, why it takes so long for falls in crude oil to appear at the pumps, why diesel is more expensive than unleaded and why some fuel retailers can charge up to eight pence more per litre than others, often in the same area.”

The OFT launched a review in September into whether reductions in the price of crude oil are being passed on to motorists.