Who thinks they\’ve been doing it and who doesn\’t?
MPs and energy experts tonight raised fears motorists have been “taken for a very expensive ride”, after officials searched the offices of BP and Shell for evidence of price-rigging.
The companies are suspected of distorting the oil price since 2002, meaning drivers have potentially been ripped off for more than 10 years.
Over that time, petrol prices have risen dramatically by more than 80 per cent to around 135p per litre.
As far as I understand it the firms are accused of mis-reporting prices to Platts (and others). Platts and others then report the benchmark prices, off of which retail prices are calculated.
At present I think I can believe it either way. They have been manipulating or the investigators don\’t quite understand the way the calculations are done. Gonna be interesting….