A windfall tax should be applied to the UK oil sector with the resulting revenues used to cut fuel duty, if the EC’s investigation into alleged price-fixing confirms widespread malpractice, it has been suggested. Robert Halfon, Conservative MP for Harlow and founder of the PetrolPromise.com campaign, said the EC’s decision last week to investigate a number of firms in the oil sector suggested “significant suspicion that something was going on”. He added: “If this is seen to be widespread, I […]
FairFuelUK (FFUK) is calling for an investigation into the UK fuel market. FFUK wants the Office of Fair Trading (OFT) to take the issue on, after a report commissioned for G20 Finance Ministers warned oil traders may have been artificially inflating wholesale prices. It also wants the financial regulators to look at whether traders and speculators have, in the style of the banks and the Libor rate, “fiddled” the benchmark trading price for oil. In a statement the campaign group […]
A new ‘split cycle’ engine that uses liquid nitrogen to achieve thermodynamic performance is claimed to save operators up to £9,000 per truck each year and slash harmful tailpipe emissions.
Mercedes-Benz and three of its commercial vehicle dealers – Ciceley, Road Range and Enza – have admitted infringing competition law and agreed to pay settlements totalling £2.6m, the Office of Fair Trading (OFT) has revealed.