The offices of several major fuel companies have been raided by ‘anti-trust regulators’ from the European Commission amid fears that fuel prices may have been fixed.

It is understood the raids were carried out yesterday (Tuesday, May 14) at the offices of BP, Royal Dutch Shell, and Norway's Statoil. The companies said they were co-operating with investigators.

The European Commission (EC) said its investigators made the "unannounced inspections" on Tuesday amidst concerns that "the companies may have colluded in reporting distorted prices”.

It did not name the firms, and emphasised that the raids did not mean the companies were guilty of any charges.

It said: “The Commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products.

“Furthermore, the Commission has concerns that the companies may have prevented others from participating in the price assessment process, with a view to distorting published prices.”

The prices assessed and published by price reporting agencies serve as benchmarks for trade in the physical and financial derivative markets for a number of commodity products in Europe and globally.

“Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers,” it said.

Peter Carroll, founder of FairFuelUK said: “If it is proved that the oil market has been manipulated it will be a global scandal as damaging as the recent Libor debacle.”

Meanwhile, the Road Haulage Association (RHA) says it is disappointed at the news that FairFuelUK supporter Robert Halfon MP's attempt to pass a private members bill to achieve fuel tax transparency by printing the tax take on fuel forecourt receipts didn't achieve a second reading and is now just another item in the history books.

"Of course this news comes as a blow to those who are determined to see breakthrough in our battle against the iniquitous levels of fuel duty currently being paid by all users of road fuel," said RHA chief executive Geoff Dunning.

"Despite this setback, we, together with fuel campaigners FairFuelUK will continue to keep this issue at the forefront of the political agenda; we have no choice if we are to once again achieve and maintain a viable, efficient and profitable UK economy.

"But it's not all gloom and doom, news that motorway service areas may be forced to advertise the price of fuel on roadside hoardings will at least go some way towards achieving fuel cost transparency.

"Currently, the price of fuel at MSAs is approximately 10 pence per litre higher than high street prices. The result of this new legislation, if it becomes reality, will be lower prices on the UK's key routes and that has to be good news for everyone.

"The Prime Minister is reported as saying that this is one area where Government believes transparency can drive down prices and give motorists a better deal.”
 

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