Key figures across the specialist haulage industry and in politics have welcomed the European Commission’s formal probe into oil price-fixing.
Spot inspections at a number of European oil companies in the middle of May, conducted by Euro officials, found that price-rigging could have been taking place for more than 10 years.
Afterwards, an EC statement said: “We are concerned that oil firms may have joined forces to report artificial prices to a Price Reporting Agency to affect the publicised costs of a number of oil and biofuel products. Equally, there is a concern that some firms may have stopped other companies from taking part in the price assessment process, again with the aim of massaging final prices.
“Even small changes in assessed prices could massively affect crude oil prices and associated products, adversely affecting final customers.”
David Cameron has publicly condemned price rigging, while the Serious Fraud Office has revealed that is “urgently reviewing” this matter.
For its part, the Road Haulage Association, which represents organisations providing specialist transport services, commented that it was “delighted” at the announcement of the official probe.
Geoff Dunning, its Chief Executive, said: “The news that a formal investigation has begun is very encouraging, for the British economy and the haulage industry. We are delighted to be one of the first to thank Brussels on behalf of hauliers in the UK.”
Another organisation, Fair Fuel UK, which campaigns on fuel prices, added: “The whole oil market needs greater scrutiny.”