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Review launched into road fuel prices

Review launched into road fuel prices Image

A review has been launched into whether the falling cost of crude oil has been reflected in the price of petrol on garage forecourts.

The Office of Fair Trading has requested information from the road fuels industry, from consumer bodies, and motoring groups as concerns mount over the cost of petrol and diesel at the pumps.

Edmund King, president of the AA, welcomed the OFT'S plan to investigate fuel costs, and called the decision to do so "overdue".

The regulator said it will gather data over the next month and a half, with the findings expected to be published in January.

In the UK, the road fuels retail industry is thought to be worth about 32 billion, according to the OFT.

The cost of petrol increased by more than a third (38%) between June 2007 and June this year.

Meanwhile, the price of diesel rose by 43% during the same time scale.

According to the OFT, various claims will be explored about the way the road fuels industry functions.

This will include whether chain retailers and major oil firms are creating a difficult environment for independent retailers to compete in.

Director in the OFT's services, infrastructure and public markets group, Claire Hart, said: "We are keenly aware of continuing widespread concern about the pump price of petrol and diesel and we have heard a number of different claims about how the market is operating."

A Department for Transport spokesman said: "We welcome the OFT's decision."

published: 06/09/2012 17:00:01

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