OFT will investigate fuel prices
RAC reports that the UK watchdog wants details from the industry, motoring groups and consumer bodies due to the growing concerns about the cost of petrol and diesel. The breakdown cover provider has said that the information will be collected over the next six weeks, with findings published in January 2013.
The OFT plans to examine whether supermarkets and oil companies and hindering the chance for a competitive market, and will also look into the way the road fuels sector is sustaining itself. This comes as the watchdog also claims the sector is worth a massive £32 billion, with petrol prices rising by 38% over the last five years, and diesel by 43%.
The OFT's services, infrastructure and public markets group director, 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. Many motorists are concerned about fuel prices and that when crude oil prices fall, this isn't seen at the pump as quickly as consumers would like.
"We look forward with interest to the findings of the study."