Subscribe now and choose from over 30 free gifts worth up to £49 - Plus get £25 to spend in our shop
Just read in the torygraph (of all papers) that the offices of shell and bp have been raided on suspicion of petrol price rigging. See tomorrow's papers.
Hardly news really is it?
Been going on for years. 🙄
I am a bit surprised that the companies were raided though. I thought they'd have made sure that they were well" protected from anything embarrassing like that. I see that the raids we're carried out on behalf of the European Commission and not UK government
Obviously the bribes to the European Commission weren't high enough.
I see that the raids we're carried out on behalf of the European Commission and not UK government
...which is what you'd want if the companies' conduct was happening across the EU, or being done by companies not just in the UK, or affected prices across the EU etc. Despite the MP's rhetoric, the fact that the UK regulator isn't leading the investigation and the EU one is not in itself a reason for concern.
here in Australialialand, the supermarkets do a 'get 8c a litre off' if you spend over thirty bucks. Last week the offer was cut to 4c a litre. Guess what? the price of unleaded dropped 4c a litre overnight.
basically the price of fuel is whatever the after voucher applied price is.
the thieving tricksy bastards.
The OFT could have looked into this but decided not to last year. I am not surprised that they decided there were no grounds for an enquiry. I accept that it's correct that the EU commission investigate this given that statoil is also involved and that the companies involved trade world wide. I just think the decision not to investigate reflects badly on the OFT.
But aren't OPEC and official cartel ?
It has been known for years - so why now?
And would they like to extend it to the energy companies?
It was actually this year the oft decided not to investigate, and yes they should include the energy companies.
A good way of deflecting the horrendous tax/duty charges on to the oil-companies.
At least the oil companies don't [i]pretend[/i] to have the peoples' interests at heart.
Everyone knows that the oil companies and supermarkets fix the prices and deny it. Fuel prices in our area is up and down like a yoyo, and they all move together. The only constant is the 58p that goes straight into government coffers for our ultimate common good 🙄
But aren't OPEC and official cartel ?
It has been known for years - so why now?
And would they like to extend it to the energy companies?
OPEC is a cartel which controls the sale of crude oil. Its members are states. They're not subject to EU law.
The current allegations are about price fixing on downstream products by companies.
Hmm...it's hardly news that oil companies set to benefit from high pump prices. But then the government takes approximately 80 pence out of the cost of every litre sold?
Personally, I'd be much more relaxed about high fuel costs if we had a public transport system that wasn't so damned expensive.
Everyone knows that the oil companies and supermarkets fix the prices and deny it. Fuel prices in our area is up and down like a yoyo, and they all move together.
The issue with petrol prices in the UK has been looked at many times and no evidence of price fixing has been found. Pricing moving simultaneously across companies is actually evidence of a market working well. As I understand it the current investigation is to do with the potential for manipulation of the oil price which although related is a different thing.
Its all you deserve for Not stamping your feet down hard enough when it was aproaching a pound per litre, they Know they can get away with charging You what they want and nothing will be done about it.
I remember 60p a Gallon :-0
Speaking from an upstream oil company (no petrol stations) the price of oil depends on a lot of factors. The demand, the amount produced etc. If all companies produced a shed load of oil the price would go down, and on the other hand if the demand goes up compared to that being produced the price rises.
Also solely blaming oil comapnies for putting prices up is a little bit wrong really... the price to take a barrel of oil out of the ground is going up and it ain't cheap to find new oil either!!
I don't know what the price fixing entails if its solely just the petrol station side but in reality the price a barell of oil comes in at is a lot lower than it was a few years ago.
Its all you deserve for Not stamping your feet down hard enough when it was aproaching a pound per litre, they Know they can get away with charging You what they want and nothing will be done about it.
I remember 60p a Gallon :-0
That's what the fuel protests back in 2000 were all about...
I'm absolutely in favour of reducing our dependence on burning fossil fuels, however the paradox here is that our government is as addicted to receipts of taxation on fuel as the nation is to using their cars. There's little or no incentive to invest in a more eco-friendly and convenient alternative to road travel.
"People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public"
Northwind +1
The glass industry has been fined millions of Euros, flat glass and TV tubes (remember those). The companies now are so insular/paranoid that they rarely attend conferences or meetings, contribute to regulation or standards. Agendas no longer have "Any other business" on them.
Not sure where the money from the fines went ❓
PJM1974 - MemberThat's what the fuel protests back in 2000 were all about...
Hah, hmm, well. The fuel protests followed on from the most motorist-friendly budget for years. Organisers then claimed credit for the changes that were announced before the protest. So I'm not sure what the protests were all about 😉
I don't know what the price fixing entails if its solely just the petrol station side but in reality the price a barell of oil comes in at is a lot lower than it was a few years ago.
As I understand it, it's to do with crude oil prices and the false price recording/reporting (ie to Platts) there of, to artificially influence the end user/wholesale market prices, which would include petrol pump prices, but also petro chemical prices and anything else produced from oil. Something like that, I'm not quite sure how that all fits in with the general pricing which as stated above is commodity trading related to supply and demand.
Bet Macaroon and croonies are worried about loose of tax revenue despite the rhetoric he's sprouting to the press.
bankers drop the "public hate figure" mantle on to the oil sheiks, crude price drops, everything gets cheaper, people other than big oil start making money which in turn feeds the banks. Then we get to invade another oil country just before the next election.
I blame Churchill.
Nice analysis MrNutt but personally I blame T____er 🙂
[url= http://www.driving.co.uk/features/ford/9872 ]http://www.driving.co.uk/features/ford/9872[/url]
[url= http://www.guardian.co.uk/technology/blog/2008/may/22/youthinkfuelpricesarebad ]http://www.guardian.co.uk/technology/blog/2008/may/22/youthinkfuelpricesarebad[/url]
what were you saying about fuel being expensive?
how long till we see any changes at the pumps though? i doubt we will unless they retailers are forced to.
gordimhor - MemberNice analysis MrNutt but personally I blame T____er
Close- it was Major that introduced the fuel tax escalator (and Brown who abolished it 😉 )
For me the major issue is that we're told to trust the market just like we were with the banks and to have "Light
touch" regulation (effectively none)which served us so well during the banking crisis.
Its [i]all[/i] fixed init. Supply and demand...
Telegraph 2009
"The European Commission has announced plans to artificially boost prices by buying up 139,000 tonnes of diary products at a cost to the public purse of £237 million."