OFT To Investigate Fuel Prices

The British motorist has been hit with price rise after price rise in all sectors in the past few years, not least in the fuel sector. After the recent hike in prices, there is finally some good news for motorists. The Office of Fair Trading has announced that they are looking into the petrol and diesel market to see if the public are getting a fair deal.

Since the middle of 2007, petrol prices have risen by 38% while diesel prices have seen a 43% increase. In total these sectors are said to be worth in the region of £32 billion, but there has not been an investigation into the fuel market for 14 years. Needless to say, the news has been welcomed by the public.

The Director of the OFT’s Services, Infrastructure and Public Markets Group, Claire Hart, said:

“We are keenly aware of continuing widespread concern about the pump price of petrol and diesel…We have therefore decided to take a broad based look at this sector, to provide an opportunity for people to share their concerns and evidence with us.”

Of the number of claims that the OFT will be looking into, we think three of the key areas are:

• Whether the lower price of crude oil is being passed on to the motorist at the pumps.
• Whether the practices of supermarkets and major oil companies are making it difficult for independent retailers to compete.
• Whether some remote communities see a lack of competition between retailers.

The findings of the investigation are expected in January 2013, so keep checking our blog to find out the latest news. And, as always, let us know your thoughts on Facebook, Twitter and Google+.