Energy minister John Hayes is to write to the Financial Services Authority about the many concerns – including evidence of the rigging of international oil prices – raised in yesterday’s House of Commons debate on fuel prices.
The debate concluded that the OFT and Financial Services Authority should launch a full investigation into oil firms active in the UK and called on the Government to consider the emergency steps being taken in other G20 countries to reduce fuel prices.
Hayes said: “I will write to the Financial Services Authority about the concerns raised here today. There is no point in our having these sorts of debates if they do not inform and inspire Government policy.
He said it was absolutely right to enhance transparency in the oil and commodity markets: “The Government continues to work to improve the functioning of the global market and to reduce price volatility through engaging with key oil-producing countries to promote investment in oil production and responsible behaviour in the market.
“To that end, we have also championed a new charter for the International Energy Forum, and we will continue to monitor closely the impact of initiatives being taken in several other G20 countries, including Germany and Austria, to improve fuel price transparency.
During the debate Hayes said fuel was of fundamental significance to consumers: “It is in our mutual interest to ensure that motorists and businesses are confident that they are being treated fairly, and that when the cost of crude oil comes down, reductions are passed on transparently and without unnecessary delay.”
The House of Commons debate on fuel prices was introduced by Robert Halfon MP, and follows campaigns by the PRA and FairFuel UK.