• The post you are reporting:
   
  Oil price manipulation 'could have driven up food and household goods prices' as well as petrol
  
  Families could have been paying too much for food and everyday household goods if companies
  
  are found to have fixed the oil price, the Government has indicated.
  
  The actions of the traders are having an impact on the price at the pump, it is said
  
  Officials admitted the impact of oil-price fixing could go be much wider than driving up petrol prices,
  
  after the European officials raided companies suspected of "colluding" to distort the market.
  
  Fears are growing that a fresh financial scandal has hit consumers' pockets, after the
  
  European Commission revealed this week it is conducting an inquiry into allegations of fuel price-fixing.
  
  BP and Shell, along with a Norwegian oil giant, Statoil, are suspected of having "colluded in reporting
  
  distorted prices to manipulate the published prices for a number of oil and biofuel products".
  
  Ed Davey, the Energy Secretary, has promised companies will face the "full force of the law" if their
  
  behaviour is found to have "driven up" petrol prices.
  
  However, his Department of Energy and Climate Change also acknowledged the impact of oil market
  
  rigging could be bigger than simply affecting petrol prices.

Report Post

Your Name

Reason