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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:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
