Energy minister backs call for greater transparency in UK fuel market

Posted on 14th September 2012 By Charlotte Haye

Energy minister John Hayes will write to the Financial Services Authority (FSA) to reinforce the need for greater transparency in the oil market, after a Parliamentary debate today (13 September) on the high price of diesel and petrol in the UK.

The debate lead by Robert Halfon, founder of the campaign site, was backed by FairFuelUK, which handed over 27,000 signatures of support to the Harlow MP ahead of the debate.

Halfon secured the support of 80 cross-party MPs ahead of today’s session, where he called for the Office of Fair Trading (OFT) and the FSA to launch a full investigation into oil firms active in the UK.

Responding, Hayes said: “When the review into LIBOR is looked at, it will of course include this market [the oil market], and will aim to publish conclusions by the end of September.

“… as a result of this debate, and the arguments from my Hon. Friend [Robert Halfon], I will also write to the FSA about concerns raised today…

“It is absolutely right that we enhance transparency in the oil and commodity markets… It is clear from the data that there is a considerable time-lag involved [between oil prices and petrol prices],” said Hayes.

The OFT last week announced a six-week period of information gathering in the petrol and diesel market to help it decide if an investigation is warranted.

Watch a recording of the debate here.

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