Petrol Prices

Robert Smith Excerpts

Wednesday 15th May 2013 Commons Chamber

[Mr Davey]

I found out about it late last night. We do not know on what evidence the Commission decided to launch the raids. Apparently, there were suspicions that companies had been giving a price reporting agency false information about prices in the market. We need to know more about what information it had. The question is whether the UK competition authorities had similar information. To date, my understanding is that they did not.

[Sir Robert Smith (West Aberdeenshire and Kincardine) (LD)]

I remind the House of my entry in the Register of Members’ Financial Interests. The hard-pressed motorists of the north-east of Scotland—for whom a car is an essential, not a luxury—will want to be confident that they are paying the best price possible for their fuel at the pump. To that end, I welcome my right hon. Friend’s commitment to help the European Commission and to encourage the companies to co-operate fully with the inquiry. Will he take forward to the Commission the need to co-operate with the G20 if there is any evidence that the alleged price fixing extends beyond EU borders?

[Mr Davey]

My hon. Friend has been a doughty defender of motorists in north-east Scotland, making the point, with other hon. Members, that people in rural areas often depend on their car and therefore have no choice but to use it. The G20 received the report from the International Organisation of Securities Commissions in November and I believe it is being looked at carefully. The issue of price reporting agencies and price benchmarks is one that both UK and global regulators are paying much greater attention to. One might ask the question: why were they not being paid attention to before?