BP AND SHELL UNDER INVESTIGATION FOR PETROL PRICE FIXING – BP and Shell are currently under investigation by the European Commission for allegations over fixing petrol prices in the UK for over 10 years.
The EU Commission has raided a number of offices of the both BP and Shell yesterday in order to compile evidence to the allegations.
The AA was the one of the first motoring organisations to comment stating that this will blow the lid off the situation and that the UK motorist has long suffered some of the World’s highest petrol prices due to oil firm’s greed and excessive Government tax duty and that it has repeated its concerns over price rigging since as early as 2005.
The EU Commission is now looking at data that both BP and Shell have provided to information agencies as it appears the data is remarkably similar; sparking concerns over price fixing.
“These latest allegations underline why action is required urgently in the UK. High oil prices are crushing families across Britain. Motorists are being taken for a very expensive ride.” Tory MP Robert Halfon
There have long been complaints by the AA and other motoring organistations over the lack of transparency in the manner in which oil prices are set and the probe will be a welcomed announcement by the long suffering British motorists.
In 2012 the AA complained directly to the Office of Fair Trading but the OFT failed to take any action a fact that even the Government’s consumer protection body appears obtuse to the plight of the British motorist.
Both BP and Shell have announced that they are among a number of petroleum companies under investigation and stated that they are co-operating fully with the authorities.
Currently the investigation is a long way off from providing the public with any concrete evidence of price rigging but this type of activity would come as little or no shock to the British public.
For decades we have suffered at the petrol pumps as both oil companies and the Government continues to increase costs to boost profits and tax revenue.
The Government’s stance on petrol duty is to force people into smaller cars or better yet public transport in order to reduce emission.
Regardless of the outcome, which if BP and Shell are found guilty will result is huge financial penalties, it is unlikely the British motorist will experience any relief from the on-going greed of the oil companies or our Government.
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