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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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OFT defends investigation after raids

The Office of Fair Trading (OFT) has defended its investigation in to petrol pricing saying that it lacked information:

The Office of Fair Trading carried out a call for information on UK road fuels, the findings of which were published in January of this year.

As part of this call for information, the OFT asked for evidence on whether speculation or manipulation of oil spot and futures markets or inaccurate oil or wholesale road fuel price reporting could be leading to higher pump prices.

The OFT stated these issues could potentially raise serious concerns but no credible evidence was submitted to the OFT in response to the call for information.

The European Commission has confirmed on May 14, commission officials carried out several unannounced inspections in a number of countries at the premises of companies active in and providing services to the crude oil, refined oil products and biofuels sectors.

The investigation is being conducted by and is a matter for the European Commission, and the OFT is currently assisting the commission with its inspections in the UK.

– Office of Fair Trading statement

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.

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