Why is fuel so expensive?

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THE Office of Fair Trading (OFT) is considering whether to launch a new inquiry into fuel prices.

OFT chairman David Quirk MHK made the announcement in Tynwald after revealing that the average price gap between the island and UK over the last eight weeks had risen to 8.13p per litre for petrol and 6.54p per litre for diesel.

This is far in excess of the differential of 5p per litre that was identified as a trigger for concern in the OFT’s last investigation into liquid fuel prices, which was published in April 2010.

 

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