Petrol price rigging
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.Posted 4 years agobigrichMember
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.Posted 4 years ago
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.Posted 4 years agonigelb001Member
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 🙄Posted 4 years agokonabunnyMember
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.Posted 4 years agoPJM1974Member
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.Posted 4 years agogonefishinMember
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.Posted 4 years agoMSMember
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.Posted 4 years agoPJM1974Member
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.Posted 4 years agoTPTcruiserSubscriber
Northwind +1Posted 4 years ago
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 – Member
That’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 😉Posted 4 years agoB.A.NanaMember
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.Posted 4 years agoMrNuttMember
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.Posted 4 years agomrmoMember
what were you saying about fuel being expensive?Posted 4 years ago
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