Petrol prices 'no rip-off'

Fuel price rises have been driven by tax rises and the hike in the oil price, the Office of Fair Trading has reported. It says it finds "very limited evidence" that retailers aren't passing on drops in the wholesale price to drivers quickly enough.

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Quentin Wilson: We 'have to' bring down fuel prices

Later today the Office of Fair Trading will release their findings into whether reductions in the price of oil are being passed on to motorists.

Speaking to ITV Daybreak, Quentin Wilson from the FairFuelUK Campaign said: "[Petrol] is a forced purchase, nobody wants to make, there is a possibility of monopolistic and anti-competitive practices. We cannot afford this at the moment."

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RAC: 'We hope fuel review will bring transparency'

We hope the OFT's findings will finally bring some much-need transparency to fuel pricing.

While people understand petrol retailers' need to raise prices when industry wholesale costs go up, it is extremely frustrating to watch prices go up far faster than they ever come down.

Rising fuel prices cause economic hardship for millions and hinder the growth of the economy, so it is vital that the process is both fair and clear.

– RAC technical director David Bizley

Fuel price review 'should lead to full investigation'

Today's 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 that are 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.

– The founder of campaigners FairFuelUK, Peter Carroll

Findings of review of fuel prices to be released

Today the Office of Fair Trading (OFT), the consumer regulator, will release the findings of its review into whether reductions in the price of crude oil are being passed on to motorists.

The Office of Fair Trading launched a review into fuel prices in September. Credit: Press Assocation

The watchdog launched its review in September and called for information from the industry, motoring groups and consumer bodies amid concerns over the prices charged for petrol and diesel at the pumps.

The OFT said on launching the review that it would explore a number of claims about how the road fuels sector is functioning, including whether supermarkets and major oil companies are making it more difficult for independent retailers to compete.

The review also considered whether there is a lack of competition between fuel retailers in some remote communities.

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