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05/09/2012
OFT To Review Petrol And Diesel Prices
The Office of Fair Trading is to look into the UK petrol and diesel sector following significant price rises at the the pumps.
The OFT will spend six weeks gathering evidence about whether competition is being curtailed.
Alongside this the watchdog will also consider whether falling costs of crude oil are reflected in prices paid by motorists.
UK retail road fuels sector was estimated to be worth about £32bn, according to the OFT.
Petrol prices rose by 38% between June 2007 and June this year, and diesel prices went up by 43% over the same period.
The OFT said the review, which is not a full-scale investigation by the watchdog at this stage, would study whether the action of supermarkets and oil companies made it difficult for independent retailers to compete in the market.
It will publish its findings in January.
(H)
The OFT will spend six weeks gathering evidence about whether competition is being curtailed.
Alongside this the watchdog will also consider whether falling costs of crude oil are reflected in prices paid by motorists.
UK retail road fuels sector was estimated to be worth about £32bn, according to the OFT.
Petrol prices rose by 38% between June 2007 and June this year, and diesel prices went up by 43% over the same period.
The OFT said the review, which is not a full-scale investigation by the watchdog at this stage, would study whether the action of supermarkets and oil companies made it difficult for independent retailers to compete in the market.
It will publish its findings in January.
(H)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
