Many of you will be aware of the scandal engulfing the banks about fiddling the LIBOR interest rate that so much of our financial system depends on.
It seems there may be a new scandal about to break.
A report commissioned for the G20 Finance Ministers has warned that Oil traders may have fiddled the benchmark trading price of Oil. These benchmarks are used to calculate the cost of the petrol & diesel that we buy at the pump. In other words, it seems there is a possibility that Oil traders have profited from the misery caused by making petrol & diesel more expensive than they need to be. The story has appeared in the Daily Telegraph – you can read it on our blog click this link… http://www.fairfueluk.com/quentins_blog.php?entry_id=1342449183
This potential scandal comes on top of the concerns expressed by thousands of our supporters about these issues such as:
o Why is diesel so much more expensive than petrol in the UK?
o Why is fuel up to 7 or 8p per litre different in price between retail outlets in the same county, town or street?
o Why does it seem that when Oil goes up, pump prices go up immediately – when Oil goes down, the pump price either fails to fall, or falls very slowly?
We still believe that the Government is still largely responsible for the cost of petrol & diesel. After all, it still takes about £0.80 per litre in combined fuel duty and VAT on every litre. That’s more than 60% of every tank full. However, if Oil traders or the suppliers are manipulating the market at our expense this needs to be stopped.
FairFuelUK is calling for the Government to do 2 things:
1. Launch an investigation managed by the Financial Regulatory Authorities into whether traders or speculators in Oil have ‘fiddled’ the benchmark figures
2. Launch a separate and wider OFT (Office of Fair Trading) investigation into the entire petrol & diesel market in the UK
We need your help to demonstrate to the Government the strength and depth of feeling on this situation. So, please take part in our ‘quick poll’. Simply click on this link http://www.fairfueluk.com/call_for_enquiry.html and we will take the results of the FairFuelUK supporters poll to the Government to demand action on your behalves.
TF_geepster.
