Are oil firms manipulating the price of petrol?

17 July 2012

petrolpumpThe price of driving has long been a source of irritation for car-owners for ages, but the reports that suggests that drivers have been paying over the odds for fuel, thanks to a Libor-style price fix on oil is going to really grate.

An official report for the G20 group of world leaders suspects that oil prices are being manipulated and shouldn't be trusted. The oil market relies on firms to submit accurate figures on a daily basis, which is the same as the Libor interest rate which was rigged.

The wholesale price of oil is directly linked to the price you pay at the pump, which is set by petrol companies, meaning that motorists could well be getting ripped off by artificially high prices.

A spokesman for David Cameron said: “The important thing is that we have efficient and fair markets. If there is evidence that any market is being manipulated, that is a matter for the regulators and those regulators should look at it very carefully.”

TOPICS:   Motoring

9 comments

  • RodC
    Surely this headline is rhetorical?
  • Haggis
    Dig a bit deeper Mof. Sanctions on Iran are limiting our oil supply in a big way and keeping prices high.
  • Me
    NO shit Sherlock!
  • foxes
    Yes they are
  • Trollateriat
    People that moan about the price of diesel and petrol should drive at 60mph on the motorway or get a more efficient car. Fuckwits driving at 90mph deserve high fuel prices.
  • Jason M.
    Reality check needed. The question shouldn't be what else is manipulated? One should assume in a world of credit default swaps, derivatives and high frequency trading, everything is manipulated. The food on the table, everything we buy (particularly due to the oil/transport costs), house prices, gold and silver, and yes even the price of money itself (LIBOR!).
  • Sicknote
    What a daft fucking question - what the fuck do you think happens to fuel & oil prices when OPEC limits production? I cannot believe fuckwit governments pay for reports that state the shagging obvious.
  • S-Bomb
    It’s not a matter for the regulators Cameron you dick, it’s a matter of you and your government not taxing it so fucking much. Le sigh….
  • Bob
    @Trollateriat, so you're one of those retards who can't count past three, and in effect doesn't know there is something called 4th gear! AH! 5th GEAR!?!?! 6th??? NOOOO! That's in cartoons! Fuckwit.

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