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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.

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MP blasts OFT for 'limp-wristed and lettuce-like' inquiry

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.

Energy and Climate Change Secretary Ed Davey giving a statement in the House of Commons on petrol pricing. Credit: PA Wire

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.

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