Record petrol prices to be scrutinised by OFT

There is a long running mystery that car and commercial vehicle drivers would like to have cleared up sooner rather than later. It seems that petrol and diesel prices have reached record highs, despite the fact that oil prices are currently falling, and have been for some time. So why are reductions in the cost of raw materials not being passed onto motorists?

If ever an investigation was overdue it is this review of inflated fuel prices. Finally the Office of Fair Trading (OFT) has decided to act, launching a detailed study into whether the reductions in crude oil prices are being passed on to customers as fuel retailers insist they are.

The OFT is canvassing industry insiders, motoring groups and consumers to ensure a thorough investigation and properly addresses the concern of private motorists and fleet owners alike.

Whilst the rest of us have been struggling through a double-dip recession, stagnant wages and public sector cuts, fuel prices have risen by 38 per cent between June 2007 and June 2012, whilst diesel has shot up by 43 per cent over the same period.

The OFT intends on gathering information over the next six weeks, before publishing its findings sometime in January. As part of its investigation the OFT will explore a number of claims about how the road fuels sector is functioning, including whether supermarkets and major oil companies are making it more difficult for independent retailers to compete.

The review will also consider whether there is a lack of competition between fuel retailers in some remote communities. The AA president spoke for the nation when he strongly welcomed the OFT’s decision to launch a full investigation into fuel pricing, admitting the move was “long overdue”.

With the cost of fuel currently so high, it is important to make savings wherever possible. Van insurance is one method of making a saving and Van Compare can help you do so.

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