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Saturday 24.02.2018 | Name days: Diāna, Dina, Dins

Petrol price fixing scandal: oil giant bosses to be jailed if found guilty

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The bosses of oil giants engulfed in a price fixing scandal could be jailed if they are found guilty, David Cameron warned on Thursday, May 16.

Author: PantherMedia/SCANPIXMr Cameron said new legislation means the firms and their executives would face “major consequences” if they have ripped off drivers by fiddling wholesale oil prices.

His stern words follow raids on the London offices of BP and Shell – companies which have both raked in multibillion-pound profits this year – by investigators probing accusations of price rigging, according to Mirror.

There are fears that millions of drivers have been paying well over the odds for petrol and diesel for a decade.

It is not just motorists who would have been clobbered by the scandal.

The probe relates to a pricing process used by ­information specialist Platts. Figures produced by the firm and other agencies are used as a guide for pricing a wide array of oil-related products. So price rigging may have affected the cost of everything from gas to chemicals used to make plastic in products we all use.

Speaking on a trip to New York, Mr Cameron said the allegations were “very serious”. He added: “It is hugely concerning and an investigation is under way”.

“It’s totally unacceptable for firms to fix prices and force consumers to pay more.”

The watchdog, which investigated claims that lower costs were not passed on to drivers at the pump, said there was not enough evidence to look at whether wholesale prices were fixed.

The investigators – who also raided Norwegian oil company Statoil – said several companies may have colluded in manipulating the price of oil and green “biofuels”.

The European Commission probe comes after one of Europe’s biggest energy trading groups, Total Oil Trading, warned about “inaccurate pricing” of crude and oil products.

Ref.110.110.110.4230


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  1. JPR says:

    Excellent. Put them in jail

    Thumb up 0 Thumb down 0

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