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The price of petrol at UK pumps has increased significantly since 2004, but the majority of that is down to tax.
In 2004 a litre of petrol cost, on average, 80p - 59p of which was tax. In 2012 the average price jumped to £1.36 as tax rose to 81p:
But despite the price of petrol increasing in the UK, the Office of Fair Trading found that - pre-tax - the country has some of the cheapest road fuel prices in Europe:
The Office of Fair Trading (OFT) has defended its investigation in to petrol pricing saying that it lacked information:
In January the OFT found that price rises were driven by tax rises and the hike in the oil price, and said it found "very limited evidence" that retailers were not passing on drops in the wholesale price to drivers quickly enough.
A Conservative MP blasted an Office of Fair Trading (OFT) inquiry into petrol prices as "limp-wristed and lettuce-like" in the wake of price-fixing allegations.
Harlow MP Robert Halfon, who has campaigned for cuts to duty and greater transparency in the market, said despite the Commons unanimously calling for a thorough probe into petrol pricing, the regulator failed to spot any of the allegations currently under review.
Mr Halfon said: "Do you not agree that what happened was the OFT carried out a limp-wristed, lettuce-like inquiry when they should have done a full 18-month inquiry into what has been going on?"
Energy Secretary Ed Davey defended the OFT as an "independent body, a strong body", which has powers to determine its own investigations.
Mr Davey made a statement updating MPs on the launch of a European Commission investigation into oil companies BP, Royal Dutch Shell and Norwegian company Statoil.
The Energy Secretary Ed Davey has said that the 'full force of the law' will come down on oil firms if it turns out that they did manipulate oil prices.
RAC technical director David Bizley said the allegations were "worrying news for motorists" who are already suffering due to the high cost of keeping a vehicle:
Conservative MP Robert Halfon who has led a campaign calling for a full investigation into alleged cartels and market manipulation in the oil market for the past three years, said:
Mr Halfon told BBC Radio 4's Today programme anyone found guilty of price fixing should face jail and oil firms should expect hefty fines:
Conservative MP Robert Halfon said the price of petrol at the pumps has risen by a "huge amount" since 2009.
Speaking to Daybreak he said he warned that petrol price fixing had gone on "a year ago".
He added: "We had a whistleblower approach us, we urged the office of fair trading to do a full investigation, they did a partial Sir Humphry investigation, and we say enough is enough."
The European Commission said in a statement that even small distortions of assessed prices could have a "huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers".
The statement said:
Latest ITV News reports
It is possible some of our biggest oil companies have been breaking the rules. If true drivers may have been paying over the odds for years.