Na h-Eileanan an Iar SNP MP, Angus Brendan MacNeil has welcomed news that the Office of Fair Trading (OFT) will be gathering information on the pricing of petrol and diesel in the UK.  The OFT have confirmed that In light of continuing public concern about pump prices, the OFT wants to identify whether or not there are competition problems that it can tackle in the sector. It is inviting the industry, motoring groups and consumer bodies to submit information.

Angus MacNeil said:

“I spoke with a senior figure in the OFT yesterday evening and there seems to a renewed vigour about fuel prices.  They are looking for evidence into any possible patterns of price changes from how prices behave when the oil prices are rising to how they behave at the pumps when the oil price is falling.

“The OFT will I hope, look into differentials between prices in certain areas and also look into the difference between fuel stations, given that prices at fuel depots are constant for all retailers on a given week.  However, this is to be a UK wide investigation and I hope that they whole chain is looked at, from the refinery to the car petrol tank and all the handlers in-between.  We need to have a definitive view one-way or another from a thorough investigation and expert analysis of what exactly the problem we all experience with fuel costs.

“Over and above the price of fuel, we currently pay 58 pence per litre on duty, added to this there is VAT on the combined price of the fuel and the duty given a combined tax take of 83 pence per litre.

“Therefore, we must remember that half the price paid at the petrol pump is not for fuel, but to help George Osborne’s financial black hole at the UK Treasury.”