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OFT review into fuel prices backed

September 5, 2012 2:29 PM
Originally published by Scottish Liberal Democrats

Lib Dem Scottish Secretary and Borders MP Michael Moore is backing an Office of Fair Trading (OFT) review into the price of petrol and diesel amid concerns that the falling cost of oil is not being reflected in lower petrol prices.

The OFT announced the review today (5th September) which will look at whether competition in the petrol market is being curtailed and whether the benefits of lower oil prices are being passed on to motorists. It will publish its findings in January.

Commenting, Mr Moore said:

"The rising cost of petrol is a major concern for Borderers so I back any move to ensure that motorists are receiving a fair deal and that oil companies or wholesalers are not abusing their market position.

"It is deeply frustrating that while the cost of crude oil has decreased, this is not being passed on to motorists in reduced petrol prices and I hope that this review will be the first step to tackle this issue.

"I met with the Chairman and the Scottish Director of the OFT today and urged them to ensure that the review is thorough and places a strong emphasis on achieving a fairer deal for consumers."