Energy Minister Supports More Transparent Fuel Market

Energy Minister Supports More Transparent Fuel Market

It was reported yesterday that Energy Minister John Hayes is set to write to the FSA to call for greater transparency in the UK’s fuel market.

A parliamentary debate on the 13th September, led by Robert Halfon from PetrolPromise.com, discussed the high prices of petrol and diesel in the UK. Some 27,000 signatures were delivered to Mr Halfon prior to the debate, pledging support for a more fair and transparent fuel market. It comes after allegations of speculation and unfair pricing policies, particularly in relation to the time lag between a fall in commodity prices and a fall in pump prices, meaning savings are not passed on to consumers.

There has been a recent announcement by the OFT that they will start gathering information to see if an investigation into the fuel market is needed, however Halfon secured the support of 80 cross-party MPs for the OFT and FSA to conduct a full investigation.

Some initiatives are available to help both companies and individuals manage the rising fuel costs, such as reward schemes, bunker fuel cards and journey sharing schemes. However many argue that these measures should not be needed, and that if the fuel market were more transparent and regulated prices would be more manageable.