East Yorkshire MP Greg Knight is backing a cross-party Parliamentary Motion calling on the Office of Fair Trading (OFT) to investigate big oil companies for anti-competitive behaviour.
Mr Knight said: “Oil prices have plummeted by twenty-eight per cent over the last three months; however, motorists are only seeing petrol prices five per cent lower at the pumps.”
Mr Knight added: “An OFT investigation will help ensure that there is no monopoly or any price fixing among petrol companies which would hurt motorists by driving prices up.”
Mr Knight concluded, “There is no good reason why the price of petrol is still so high. We must bring greater transparency to the matter. We lose nothing by examining the oil companies thoroughly.”