THE Office of Fair Trading (OFT) is a Government department with a mission statement promising “to make markets work well for consumers”.
It adds: “We achieve this by promoting and protecting consumer interests throughout the UK, while ensuring that businesses are fair and competitive.”
It is a pledge that will be questioned by millions of motorists this morning after the OFT decided there is nothing untoward about fuel prices in this country and opted not to hold a full inquiry.
The perception across Britain is that petrol and diesel prices are quick to be increased when oil prices go up, but slow to fall when oil prices fall. Yet the OFT insists it is a perception which is without evidence.
Instead, the responsibility rests with successive governments which have hiked taxes over the past decade.
Pre-tax, Britain’s fuel prices compare well with the rest of Europe but, once the Government has taken its cut, our motorists pay a heavy price.
Irrespective of the conclusions of the OFT, mistrust is rife. Motorists know they are being hammered by the Government but they also smell a rat when it comes to the fuel companies.
And with the Office of Fair Trading being a Government body, there will inevitably be widespread suspicion that this has been a half-hearted inquiry into the fuel market.
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