Oil Pricing
Email Campaign

The allegation that prices for consumers could have been artificially or unnecessarily driven up are deeply concerning. The Government has made clear that it expects the companies concerned to comply fully with these investigations and I know the Government itself is providing any assistance necessary.

These investigations are currently on-going and the European Commission has made clear that until the full facts are known, it would be inappropriate to comment further.

It is in everyone’s interest for motorists and businesses to be confident that they are being treated fairly, and that when wholesale costs come down, these reductions are passed on transparently, and without unnecessary delay.

It is totally unacceptable for firms to fix prices and force consumers to pay more. That is why the Government is looking at how to extend the newly created criminal offence relating to the manipulation of all types of benchmarks to the energy sector, to make sure that those who manipulate benchmark prices feel the full force of the law.

Beyond this, the Government is providing support for businesses and motorists by cancelling the fuel duty increase planned for 1 September 2013. This means fuel duty will have been frozen for nearly three and a half years. Pump prices are now 13 pence per litre cheaper than under Labour’s plans. It will have cost £7 less for a typical motorist to fill their tank from April 2013, and will cost £10 less by the end of the Parliament.

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