Robert Halfon MP has today lead a debate in the House of Commons on the effects of the oil market on the price of petrol and diesel. He called for the OFT and the Financial Services Authority to launch a full investigation into oil companies that are active in the UK. He also called on the Government to consider the emergency steps being taken in other G20 countries to reduce fuel prices.

He also referred to the announcement by President Obama to strengthen federal supervision of the US oil market and to increase penalties for market manipulation; as well as the move by Germany and Austria to establish a new oil regulator with a remit to help stabilise the price of petrol in those countries.

He also further urged the OFT to note that the Federal Cartel Office in Germany was now investigating oil firms who are active in the UK following allegations of price fixing.