MSE News: Petrol prices - Shell and BP investigated by EU

jobdone1

Fletchy wrote: »

What needs to be investigated is the high level of tax included in the price of petrol. Currently this is 60 to 70%(I think) , but could be argued to be much more as all the money we use to pay for petrol HAS ALREADY BEEN TAXED BEFORE WE GET IT.

I have to use a car to get to work (no public transport alternative) so this is a tax on my job. The money I earn is taxed and then a big part of what I receive gets paid out again for fuel/fuel tax.

The only problem with this we would be taxed other ways.

The country is broke simple.

theswirly

jobdone1 wrote: »

The only problem with this we would be taxed other ways.

The country is broke simple.

Other ways like taxing people for luxuries would be more fair than ripping off everyone including the people who need to buy fuel to get to work - an essential.

Lum

If found guilty, the result of this will be massive fines, none of which will go into our pockets.

Will wait to see if anyone manages to reclaim. I used to have a Shell fuel card and should still have all the statements from it.

DezBoy

Libor Mk.II. Good to see the "barrow boys" are still screwing the world with total immunity. Must be difficult to robustly legislate and manage against this especially when the UK Government is enjoying additional tax income. Toothless lot of useless toadies. You can tell when oil prices are escalating from the number of tankers in the estuaries being held off unloading until the price has increased.

minislim

oh dear oh dear! not looking good. especially for bp who i reported my finding of hiked forecourt prices to the OFT.

more interestingly the OFT might need to be a little worried as if the findings differ they will be made to look like idiots.

oldhand

Cant see any investigation getting far,the large well filled brown envelopes will see to that as always.And of course any board of investigation will have members of the old boy network who will be in line for a place on the board of said oil companies when the right verdict is reached........:cool:

Stooby2

Makes me laugh...on the news they're saying "fuel companies may have been fixing prices for a decade."

Since the internal combustion engine was invented more like.

A._Badger

minislim wrote: »

oh dear oh dear! not looking good. especially for bp who i reported my finding of hiked forecourt prices to the OFT.

more interestingly the OFT might need to be a little worried as if the findings differ they will be made to look like idiots.

Even more like idiots, surely?

mcbob_2

The problem lies (as ever) here with the government's lack of control and regulation of an industry that has a huge impact on most people's daily lives. It shows just how powerful big business really is in this so called democracy we live in.

Why is the entire commodities trading industry UNREGULATED?

Now would have been a great time to extend the remit of the new regulator (FCA) to include physical trading e.g. oil, gas, power etc., the fact that the European Commission have got involved is a good thing, but it should have come from the UK regulator.

TrickyWicky

Arthurian wrote: »

The question is, why are the EU getting involved now? What has changed behind the scenes?

David Cameron is talking about a referendum with a view to pulling out of Europe just days before this kicked off.

Under his leadership the OFT said there was nothing wrong with the oil market and that it was working well.

BP has a very cosy relationship with the UK government who often help them to negotiate foreign oil rights.

What do you think a EU investigation finding BP involved in price rigging could do to our leader and his chances of re-election?

I suspect this referendum either won't happen or it will be rigged in favour of the EU to make it all go away.