Petrol Market 'Working Well' - OFT

The Office of Fair Trading (OFT) has said little action is needed, following a study looking at the UK petrol and diesel market.

The report states: "The evidence gathered by the OFT suggests that at a national level, competition is working well in the UK road fuel sector."

The UK has some of Europe's cheapest fuel prices before tax, according to the report.

It goes on to state that there is very little evidence that petrol and diesel prices rise quickly when oil prices go up, but are slow to fall when prices drop.

OFT chief executive Clive Maxwell said, "We recognise that there has been widespread mistrust in how this market is operating.

"However, our analysis suggests that competition is working well, and rises in pump prices over last decade or so have largely been down to increases in tax and the cost of crude oil."


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