PRA backs MP's campaign for oil price enquiry
The Petrol Retailers’ Association (PRA) fully supports Robert Halfon MP's campaign and petition for a full Office of Fair Trading (OFT) enquiry into Oil Pricing Process. The PRA submitted a formal complaint in February 2012 to the OFT regarding competition in the market for retail road fuels. Its call for a full UK Market Study was supported by many other trade associations and the cross-party group of MPs led by Robert Halfon.
Despite the obvious lack of transparency and the increasing volatility of wholesale costs, the OFT decided to turn their back on the problems and announced in January this year that they had insufficient evidence to warrant an investigation.
Robert Halfon MP has now called upon other MPs from all parties to join him on Monday 15 July to hand in a 30,000 signature petition at the OFT calling again for a full and transparent inquiry.
Brian Madderson, Chairman of the PRA said, “We fully support the decision to hold the OFT to account following their failure to act on allegations that included concerns that the wholesale oil price might be subject to manipulation. PRA submitted a further complaint in February 2013 citing the unexplained rise in the wholesale cost of petrol by nearly 10ppl over just a few weeks.
“The subject of oil price manipulation is one that has evoked too much disquiet (the G20 Finance Ministers raised this possibility over two years ago) and whistle-blowing. It is time that our UK competition authorities grasped the nettle so that investigative action is taken.
“The PRA fully supports this protest as it confirms our position in the industry as instigator of a call for a vigorous inquiry by the body responsible for upholding fair competition in the UK”.