FFUK presents OFT with petition calling for full oil pricing investigation

The Office of Fair Trading (OFT) has remained unmoved by calls to launch an investigation into the oil sector, despite FairFuelUK (FFUK) presenting a 32,000-signature petition calling for exactly this early today (15 July).

FFUK was joined by PetrolPromise founder and Harlow MP Robert Halfon and four other MPs outside the London office of the OFT today, calling for a full and transparent inquiry into the oil market.

The OFT, however, has said that although it recognises oil and fuel prices as a concern, it seemed to suggest that it was not reconsidering an investigation.

The OFT said in a statement: “We continue to welcome any new information about this market. Where we receive credible evidence of potentially anti-competitive behaviour, we will look to take action, as we have done in other markets - including our investigation into road fuel distribution in the Western Isles and Shetland Islands."

FFUK spokesman Quentin Willson said: “If the OFT processes are getting in the way of a full oil price market investigation in this country, then maybe its time to change the processes. Its time for a parliamentary enquiry into the damage oil price speculation does to the UK economy.”