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Oil: Prices

Question for Department for Energy and Climate Change

UIN 210246, tabled on 13 October 2014

To ask the Secretary of State for Energy and Climate Change, what recent steps he has taken to ensure that oil price reductions are passed onto the motorist.

Answered on

14 November 2014

The downstream oil market is subject to UK competition law; where it is not the role for Government to set the price of petroleum products in an open competitive market.

In January 2013, the Office for Fair Trading published the results of a Call for Information to investigate whether or not competition problems existed in the road fuels market. This included investigating concerns that pump prices rise quickly when the wholesale price goes up but fall more slowly when it drops. Their analysis found very limited evidence of this, and in general found that at a national level competition in the market is working well.

Answered by

Department for Energy and Climate Change