GOODNESS GRACIOUS PETROL FIRMS FIXING THE PRICE OF PETROL OH ARR MISSUS NEVER
I PROMISE ME LORD I ONLY DID IT SO I COULD GET ME JINGLY
At least three major oil companies are being investigated amid suspicion that they colluded to drive up the cost of oil over the last decade, potentially costing consumers thousands of pounds.The European Commission (EC) reportedly raided the offices of BP, Shell and Statoil yesterday, citing concerns that the companies may have “manipulated the published prices for a number of oil and biofuel products”.Motoring and consumer groups have long been calling for an official investigation into the oil industry to determine whether prices were being affected by price-fixing or manipulation.They have claimed that oil prices could be rigged in much the same way as the Libor lending rate was.A spokesman for FairFuelUK told the Press Association: “The sharp rises in fuel and oil prices we’ve seen recently have raised huge concerns about what is really driving them. The oil market isn’t transparent or accountable enough. There is an urgent need for a powerful and independent watchdog to ensure that there’s no market manipulation and that UK families and businesses pay a fair price for their fuel.”The price of oil has sky-rocketed since the turn of the century, costing less than $30 a barrel in 2000 compared toaround $95 today.
Not just motorists affected Those rising costs have had a dramatic impact on fuel costs: in March the average price of petrol stood at £1.40 per litre, while diesel stood at £1.46.Of course, hiked fuel prices don’t only impact motorists. The increased cost of transporting goods means everything from groceries to electronics are driven up as well.
The European Commission statement
Shell confirmed it was one of several companies in three countries being investigated The EC had the following to say on the price-fixing investigation:”The European Commission can confirm that, on 14 May 2013, Commission officials carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors.”The Commission has concerns that the companies may have colluded in reporting distorted prices to a Price Reporting Agency to manipulate the published prices for a number of oil and biofuel products. Furthermore, the Commission has concerns that the companies may have prevented others from participating in the price assessment process, with a view to distorting published prices.
BP said it is ‘co-operating fully’ with the European Commission after its Canary Wharf offices were raided