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| David Cameron 'deeply' concerned by oil giant price fixing claims | David Cameron 'deeply' concerned by oil giant price fixing claims |
| (35 minutes later) | |
| David Cameron is extremely concerned by the claims of price fixing by major oil companies, Downing Street has said. | David Cameron is extremely concerned by the claims of price fixing by major oil companies, Downing Street has said. |
| The prime minister's spokesman said it was "deeply worrying" if prices have been driven up for consumers. | The prime minister's spokesman said it was "deeply worrying" if prices have been driven up for consumers. |
| Energy Secretary Ed Davey is making an emergency Commons statement on "petrol prices and the cost of living". | |
| Oil giants including BP and Shell are facing claims they have been fixing prices for more than a decade. | Oil giants including BP and Shell are facing claims they have been fixing prices for more than a decade. |
| It follows a raid on the offices of BP, Royal Dutch Shell, and Norway's Statoil by European anti-trust regulators. | It follows a raid on the offices of BP, Royal Dutch Shell, and Norway's Statoil by European anti-trust regulators. |
| The companies said they were cooperating with investigators. | The companies said they were cooperating with investigators. |
| Downing Street said Mr Cameron expects companies to comply fully with the EU investigation. | Downing Street said Mr Cameron expects companies to comply fully with the EU investigation. |
| He said the European Commission is the right body to carry out this inquiry because the allegations related to offences carried out "across borders". | He said the European Commission is the right body to carry out this inquiry because the allegations related to offences carried out "across borders". |
| 'Expensive ride' | 'Expensive ride' |
| The spokesman declined to criticise the inquiry by the Office for Fair Trading into petrol price fixing, completed earlier this year. | The spokesman declined to criticise the inquiry by the Office for Fair Trading into petrol price fixing, completed earlier this year. |
| But Tory MP Robert Halfon has questioned why British motorists had to wait for an EU investigation into whether they were being taken for an "expensive ride" and urged the OFT to take another look at the fuel market. | But Tory MP Robert Halfon has questioned why British motorists had to wait for an EU investigation into whether they were being taken for an "expensive ride" and urged the OFT to take another look at the fuel market. |
| Lib Dem energy secretary Ed Davey will update the MPs on what he knows about the EU investigation and attempt to address consumer issues including the cost of energy bills and fuel prices. | Lib Dem energy secretary Ed Davey will update the MPs on what he knows about the EU investigation and attempt to address consumer issues including the cost of energy bills and fuel prices. |
| European Commission officials said its investigators made the "unannounced inspections" on Tuesday amid concerns that "the companies may have colluded in reporting distorted prices". | European Commission officials said its investigators made the "unannounced inspections" on Tuesday amid concerns that "the companies may have colluded in reporting distorted prices". |
| It did not name the firms, and emphasised that the raids did not mean the companies were guilty of any charges. | It did not name the firms, and emphasised that the raids did not mean the companies were guilty of any charges. |
| But BP, Shell, and Statoil, and also the oil pricing agency Platts, confirmed that they were working with the authorities in their inquiries. | But BP, Shell, and Statoil, and also the oil pricing agency Platts, confirmed that they were working with the authorities in their inquiries. |
| In a statement the European Commission said: "Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers,'" | In a statement the European Commission said: "Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers,'" |
| As part of the investigation, the Commission said it was examining whether the companies may have prevented others from participating in the pricing process "with a view to distorting published prices". | As part of the investigation, the Commission said it was examining whether the companies may have prevented others from participating in the pricing process "with a view to distorting published prices". |
| It added: "Any such behaviour, if established, may amount to violations of European antitrust rules that prohibit cartels and restrictive business practices and abuses of a dominant market position.'" | It added: "Any such behaviour, if established, may amount to violations of European antitrust rules that prohibit cartels and restrictive business practices and abuses of a dominant market position.'" |
| Shadow energy and climate change secretary Caroline Flint, for Labour, said: "These are very concerning reports, which if true, suggest shocking behaviour in the oil market that should be dealt with strongly." | Shadow energy and climate change secretary Caroline Flint, for Labour, said: "These are very concerning reports, which if true, suggest shocking behaviour in the oil market that should be dealt with strongly." |