Euro MP welcomes EU action on potential oil price fixing

ots-ARLENE MCCARTHY MEP onthespot_0

Euro MP welcomes EU action on potential oil price fixing

Responding to yesterday’s raids by the European Commission of several large oil companies’ premises on allegations of price fixing, Arlene McCarthy, Vice President of the European Parliament’s Economic and Monetary Committee and draftswoman on the EU Market Abuse rules said:

“In July I wrote to EU Competition Commissioner Almunia urging him to look closely at the IOSCO work on allegations of cartels price fixing in oil and gas markets. I remain very concerned that benchmarks in key indices, interest rates and commodity are subject to manipulation.

“These prices have a knock on effect for households and businesses bills as well as the price of petrol at the pump. People are paying more while companies are booking high profits on the basis of manipulated prices.

“There is a serious lack of transparency in the price setting system which means we have no idea if the prices are fair and honest or whether they are a true reflection of the wholesale price.

“The lack of action by UK regulators means it is vital for the European Commission to investigate potential abusive practices in these markets.

“Should consumers be the victim of overcharging then I want to see companies redress the situation and consumers that have been ripped off compensated.

“What is clear is that we need urgent reform to introduce stronger, independent rules on commodity benchmarks.

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