BP and Royal Dutch Shell saw their offices raided today as the European Commission launched an investigation into oil price fixing. The Commission said it is concerned there has been collusion aimed at manipulating the prices of not only oil, but also petrol and biofuels.
A bogus market?
By This Is Money Reporter
PUBLISHED: 16:58, 14 May 2013 | UPDATED: 17:17, 14 May 2013
BP and Royal Dutch Shell saw their offices raided today as the European Commission launched an investigation into oil price fixing.
Norway’s Statoil and price reporting agency Platts have also admitted to working with the authorities in their inquiries.
The Commission said it is concerned there has been collusion aimed at manipulating the prices of not only oil, but also petrol and biofuels.
It added that the anti-competitive co-operation may also have prevented others from taking part in the assessment of market prices.