Oil price fix claim warning

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. Oil firms Shell, BP and Statoil were raided as part of an inquiry into possible price fixing.

Live updates

RAC: Oil fixing allegations 'worrying for motorists'

The RAC said it would "campaign for greater transparency in the UK fuel market." Credit: PA

RAC technical director David Bizley said the oil price fixing allegations were "worrying news for motorists" who are already suffering due to the high cost of keeping a vehicle.

He added: "The Office of Fair Trading inquiry concluded at the end of January that the UK fuel market was operating fairly and not against the best interests of motorists, and therefore that a Competition Commission investigation was not needed.

"Motorists will be very interested to see what comes of these raids. Whatever happens the RAC will continue to campaign for greater transparency in the UK fuel market and for a further reduction in fuel duty to stimulate economic growth."

Tory MP: 'Oil companies must now come clean'

Tory MP Robert Halfon has led a campaign calling for a full investigation into alleged cartels and market manipulation in the oil market for the past three years.

The Harlow MP, who founded the www.PetrolPromise.com website to campaign for cheaper petrol and diesel, said:

Last year, in a debate that I pressed for, Parliament voted unanimously for an investigation into the oil market.

These latest allegations underline why that must happen urgently in the UK.

High oil prices are crushing families across Britain. Motorists are being taken for a very expensive ride.

The Government has done its bit, by freezing fuel duty for three years.

Now oil companies must come clean and show some responsibility for what is happening to the international oil price.

Advertisement

Labour: Oil 'fix' reports 'suggest shocking behaviour'

Shadow energy and climate change secretary Caroline Flint said:

These are very concerning reports, which if true, suggest shocking behaviour in the oil market that should be dealt with strongly.

When the allegations of price fixing in the gas market were made, Labour warned that opaque over-the-counter deals and relying on price reporting agencies left the market vulnerable to abuse.

These latest allegations of price fixing in the oil market raise very similar questions.

Consumers need to know that the prices they pay for their energy or petrol are fair, transparent and not being manipulated by traders.

– Caroline Flint

Shadow financial secretary to the Treasury Chris Leslie said:

If oil price fixing has taken place it would be a shocking scandal for our financial markets.

Labour tabled amendments in Parliament last year calling for commodities like oil to be part of the Financial Conduct Authority's regulatory net, but Ministers refused to act.

They should explain why they complacently failed to do so.

– Chris Leslie

Statoil confirms raid at Norway headquarters

Statoil has confirmed a raid took place at its headquarters in Stavanger, Norway, earlier today.

Statoil said the inspection was carried out by the EFTA Surveillance Authority with the assistance of the Norwegian Competition Authority.

Statoil has confirmed a raid took place at its headquarters earlier today. Credit: REUTERS/Kent Skibstad/NTB Scanpix

A statement on the firm's website said the inspection was carried out "on request of the European Commission".

"Statoil is cooperating with the authorities in their inspection", it added.

BP 'cooperating fully' with EU oil price fix investigation

BP said it is 'cooperating fully' with the European Commission's investigation. Credit: Katie Collins/PA Wire

BP said it is "cooperating fully" with the EU's anti-trust body after it launched an investigation into allegations of oil price fixing.

A spokesperson said: "BP is one of the companies that is subject to an investigation that was announced earlier today by the European Commission.

"We are cooperating fully with the investigation and unable to comment further at this time", they added.

Shell 'fully cooperating' with oil price fixing probe

Shell confirmed its companies are assisting the European Commission with its investigation. Credit: Anna Gowthorpe/PA Wire

Shell has confirmed it is "fully cooperating" with the European Commission after the EU's anti-trust body launched an investigation into claims of oil price fixing.

A spokesperson said: “We can confirm that Shell companies are currently assisting the European Commission in an enquiry into trading activities.

"We are fully cooperating with the investigation. For legal reasons we cannot make any further comment at this stage”, the spokesperson added.

Advertisement

'Shell & BP raided' in EU oil price fix investigation

The European Commission is investigating the possible fixing of oil prices - there are reports that Shell, BP and Statoil have been raided.

This is potentially a very big story - it relates to the possibility an index like Libor that is used to price oil has been manipulated.

Shell and BP both confirm they are taking part in investigations, but they will not say much for legal reasons.

Load more updates Back to top

Latest ITV News reports

  • 'Price fix' raids: A fuel rip-off?

    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.