Caroline Flint MP, Labour's Shadow Energy and Climate Change Secretary, said in response to reports of alleged price fixing in the oil market:
"These are very concerning reports, which if true, suggest shocking behaviour in the oil market that should be dealt with strongly.
"When the allegations of price fixing in the gas market were made, Labour warned that opaque over-the-counter deals and relying on price reporting agencies left the market vulnerable to abuse. These latest allegations of price fixing in the oil market raise very similar questions. Consumers need to know that the prices they pay for their energy or petrol are fair, transparent and not being manipulated by traders.”
Chris Leslie MP, Labour’s Shadow Financial Secretary to the Treasury, added:
“If oil price fixing has taken place it would be a shocking scandal for our financial markets. Labour tabled amendments in Parliament last year calling for commodities like oil to be part of the Financial Conduct Authority’s regulatory net, but Ministers refused to act. They should explain why they complacently failed to do so.”