{"id":877,"date":"2012-09-14T14:40:44","date_gmt":"2012-09-14T12:40:44","guid":{"rendered":"http:\/\/www.surreyandhampshirehgvtraining.co.uk\/news\/?p=336"},"modified":"2012-09-14T14:40:44","modified_gmt":"2012-09-14T12:40:44","slug":"energy-minister-backs-call-for-greater-transparency-in-uk-fuel-market","status":"publish","type":"post","link":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/energy-minister-backs-call-for-greater-transparency-in-uk-fuel-market\/","title":{"rendered":"Energy minister backs call for greater transparency in UK fuel market"},"content":{"rendered":"<p>Energy minister John Hayes will write to the<a href=\"http:\/\/www.fsa.gov.uk\/\" target=\"_blank\" rel=\"noopener\"> Financial Services Authority<\/a> (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.<\/p>\n<p>The debate lead by<a href=\"http:\/\/networkedblogs.com\/C6cjr\" target=\"_blank\" rel=\"noopener\"> Robert Halfon<\/a>, founder of the campaign site <a href=\"http:\/\/www.petrolpromise.com\/\" target=\"_blank\" rel=\"noopener\">PetrolPromise.com<\/a>, was backed by FairFuelUK, which <a href=\"http:\/\/www.commercialmotor.com\/latest-news\/ffuk-supporters-back-robert-halfon-s-call-for-a-full-oil-price-probe\" target=\"_self\" rel=\"noopener\">handed over 27,000 signatures of support to the Harlow MP ahead of the debate.<\/a><\/p>\n<p>Halfon secured the support of 80 cross-party MPs ahead of today\u2019s session, where he called for the <a href=\"http:\/\/www.oft.gov.uk\/\" target=\"_blank\" rel=\"noopener\">Office of Fair Trading<\/a> (OFT) and the FSA to launch a full investigation into oil firms active in the UK.<\/p>\n<p>Responding, Hayes said: &#8220;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.<\/p>\n<p>&#8220;&#8230; 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&#8230;<\/p>\n<p>\u201cIt is absolutely right that we enhance transparency in the oil and commodity markets&#8230; It is clear from the data that there is a considerable time-lag involved [between oil prices and petrol prices],\u201d said Hayes.<\/p>\n<p>The OFT last week announced a <a href=\"http:\/\/www.commercialmotor.com\/latest-news\/oft-to-commence-six-week-evidence-gathering-in-the-petrol-and-diesel-sector\" target=\"_self\" rel=\"noopener\">six-week period of information gathering in the petrol and diesel market<\/a> to help it decide if an investigation is warranted.<\/p>\n<p><a href=\"http:\/\/networkedblogs.com\/C6cjr\" target=\"_blank\" rel=\"noopener\">Watch a recording of the debate here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-877","post","type-post","status-publish","format-standard","hentry","category-news"],"publishpress_future_action":{"enabled":false,"date":"2026-09-23 13:45:03","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=877"}],"version-history":[{"count":0,"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/877\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.surreyandhampshirehgvtraining.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}