Oil: Prices

Department for Business, Energy and Industrial Strategy written question – answered on 24th January 2022.

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Photo of Robert Halfon Robert Halfon Chair, Education Committee, Chair, Education Committee

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with the Competition and Markets Authority on the relationship between petrol and diesel prices at filling stations and wholesale oil prices.

Photo of Greg Hands Greg Hands The Minister of State, Department for Business, Energy and Industrial Strategy

The Department monitors petrol and diesel prices at retail and wholesale levels and conducts periodic assessments of the relationship between these costs. If there is any evidence of market failure at a national level this will be passed to the Competition and Markets Authority. The Competition Markets Authority is not a price regulator and applicable competition legislation does not provide any general powers to regulate either prices or profits. The price or pricing structure that a company or group adopts for a particular product or service is a matter for its own commercial judgement.

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