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:
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 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:
Shadow energy and climate change secretary Caroline Flint said:
Shadow financial secretary to the Treasury Chris Leslie said: