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OFT to investigate the price of petrol

September 5, 2016

finance

 

Motorists around the country groaned as the price of petrol rose once again as they went to fill up. But motorists could potentially have something to shout about.

money in fuel tank

Picture by Images_of_money

The Office of Fair Trading (OFT) has announced it will investigate whether motorists are getting a fair deal from the fuel industry.

When there is a reduction in the price of crude oil, it should mean the savings are passed onto the motorists, but the OFT is concerned this isn’t the case.

The watchdog will gather information from the industry, consumer bodies and motoring groups over the next six weeks with the results to be published in January 2017.

Since June 2010, the price of petrol has risen by 38% while diesel rose by 43%, showing just how expensive it is to drive these days. That’s not including the 3p fuel duty they plan to put into place in January, which was postponed from August.

But it’s not just the UK who is feeling the hit in their wallet. Other European countries have also experienced similar rises in fuel.

It might be hard to believe, but the UK isn’t the most expensive. This table shows that The Netherlands, Italy and the Scandinavian countries are paying more to fill up their vehicle.

You can compare the prices of petrol in different countries here. The graph below shows the dramatic difference in prices between the UK (blue) and the US (purple).

How do UK petrol prices compare with other countries?

Infographic by Staveley Head

Do you think petrol prices in the UK are fair? Tell us in the comments section below.

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