Tuesday, September 24, 2013

A small but significant victory for FairFuelUK. The European Commission have tabled regulations to fight rigging of North Sea Brent Crude benchmark prices. In future Brent crude prices will be officially regulated and the decades long culture of self-management by the oil industry will, hopefully, be challenged. This is a step change we've been demanding for several years and Brussels was well aware of our strident campaigning in the UK. I was particularly pleased that the Single Market Commissioner, Michel Barnier, called the price bench-marking industry a 'rogue sector'. I couldn't agree more. Mind you, the original proposals have been watered down because of lobbying from the oil industry (they must have spent a ton of money) but at least there's a broad agreement that the abuses that FairFuelUK, Robert Halfon MP and I have been screaming about for so long, now need to be stopped. The UK will have a national body to oversee the markets with fines of up to 10% of annual turnover for companies and banks who rig prices. Barnier also said that those responsible for price fixing should go to prison. Let's hope whichever UK regulator picks up the cudgels to give transparency to oil pricing (probably the Financial Conduct Authority) does the job without fear or favour and doesn't go soft because of pressure from the city or the government.

 

Meanwhile the glacial speed of retailers lowering pump prices when wholesale oil prices fall, continues. When everybody realised the US wasn't going to fire missiles into Syria, crude fell quickly but forecourt prices took nearly two weeks to come down in sympathy. This isn't good enough and costs UK consumers and businesses literally millions of pounds for every day retailers drag their feet. Its time the government got tough with this issue and either gets the industry to give us a convincing reason why price falls at the pumps take so long or force them to speed the process up dramatically. Their promises of lowering the cost of living in the UK sound pretty hollow when they still allow the petrol and diesel industry to bring pump prices down with all the speed and alacrity of the Archbishop of Canterbury in full ceremonial regalia........


Quentin


More details: http://www.hedgeworld.com/open_news/read_news.cgi?section=legl&story=legl3340.html




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[ posted by william reid, 24.09.13 16:56 ]

well done to you all, perhaps now we feel as if we have REALLY got some ones attention.!

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[ posted by Garry Clark, 24.09.13 17:10 ]

Some good news! But if crude has come down, why in Somerset, (and I guess elsewhere in the UK)
am I still paying the same or more than when the crude peaked?

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[ posted by chris allen, 15.10.13 14:30 ]

sorry before i start have done a petition to force the debate in parliament isnt it 100,000 signatures to do this if there is a politician that will take it up with all the members signing they will have to listen if you have already done this i apologise again

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[ posted by admin, 23.10.13 18:54 ]

yep we have done one in 2011 very successfully. We were the first to hit 100,000. But we will probably do another. Thanks for your support

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