UK oil majors cleared of 'anti-competitive behavior'


LONDON�The UK Office of Fair Trading (OFT) has rejected claims first made by a number of independent fuel retailers in September that major oil companies were selling wholesale fuel to them at prices higher than at their own branded service stations.

Following an inquiry into allegations of anti-competitive behavior by UK oil giants, the OFT concluded that a combination of high crude prices and "public pressure on UK retail prices" were to blame for a squeeze on retailers' margins.

There was "no evidence of either price fixing agreements or abuse of a dominant position by the oil companies," the OFT said.

The OFT acknowledged that "all" retailers were suffering a squeeze on margins because the "unusual combination of circumstances" current affecting the market.

"I sympathize with the problems the independent retailers have been encountering," stated Director General of Fair Trading John Vickers. "They have had to pay wholesale prices which have reflected the increased world oil pressure, while public pressure has held down prices at the pump."

"We have investigated whether this has resulted from anti-competitive behavior by the major oil companies and have concluded that it has not," said Vickers.

"The OFT will continue to monitor this market very closely and will not hesitate to take action if we find that firms in the industry are deliberately damaging competition," he added.

Related Articles

Gasoline price games

03/24/2014 Let's assume you're a typical American, typically scornful of the oil and gas industry. You don't work for the industry. You don't know much about ...

OGJ Newsletter

03/24/2014

International news for oil and gas professionals

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Millennium Pipeline appoints president

03/20/2014 Millennium Pipeline Co. LLC has selected Joseph Shields as its president. He succeeds Rocco D’Alessandro, who held the position beginning in May 20...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected