Oil firms suspected of price fixing petrol and diesel costs

T he price of petrol and diesel has gone up by 60% over the last few years despite the fact that the Government has both cut and frozen fuel duty.

This impacts on the lives of millions of people up and down our country, not just people who drive cars - it affects food prices and transport and business and everything else.

BP and Shell are being investigated over allegations that they have fixed petrol prices for more than a decade.

The wholesale price that petrol retailers pay is about 47p a litre at the moment although that cost is then passed on to motorists, who currently pay an average of £1.33 for a litre of unleaded, nearly double the 71p it cost in 2002.

The Government has said it would be "deeply worrying" if energy prices have been driven up through market manipulation amid an investigation into activities at BP and Shell.

Speculation in oil and fuel markets is worrying news for motorists and its obvious there needs to be greater transparency in the UK fuel market.