Quentin Willson of FairFuelUK and Robert Halfon MP with 4 other MPs delivered the Campaign's Call for a full open and transparent inquiry into Oil Pricing to the Offices of Fair Trading. The FairFuelUK petition was signed by 32,000 supporters.
The OFT issued a rapid response to FairFuelUK's Petition. Despite the Campaign's call for action the OFT statement says it seems that they will not be investigating the Oil Pricing Process even though millions of the UK Public and businesses want them to do exactly that. The OFT said: We continue to welcome any new information about this market. Where we receive credible evidence of potentially anti-competitive behaviour, we will look to take action, as we have done in other markets - including our investigation into road fuel distribution in the Western Isles and Shetland Islands
Quentin Willson said: 'I can't understand why a UK regulator can't take information and evidence from US Senate and European Commission investigations and conduct their own. If the OFT processes are getting in the way of a full oil price market investigation in this country, then maybe its time to change the processes. Its time for a Parliamentary inquiry into the damage oil price speculation does to the UK economy.'
The RAC is a long-standing supporter of Fair Fuel UK and our technical director David Bizley (pictured on the left) was part of the delegation that handed in the petition at the OFT this morning.
RAC technical director David Bizley said: "All motorists are asking for is transparency. They are suspicious because they do not understand how the cost of a barrel of crude oil, which is determined by world supply and demand and translates into around £1.34/litre for petrol or £1.38 for diesel at the pump. Itemised receipts at the filling station would help, but motorists still need to better understand the costs of refining and distribution and whether anyone in the supply chain is influencing pricing beyond pure market forces to the disadvantage of motorists’ pockets. The OFT has the ability to do this and their reluctance to carry out a full inquiry remains a source of disappointment. Nobody should fear transparency in pricing.”