Marcus Jones, the MP for Nuneaton, has backed a parliamentary motion calling for the Office of Fair Trading to investigate oil firms operating in the UK.

The move, led by Conservative MP Robert Halfon, follows Marcus backing the Fair Fuel Campaign earlier this year and the Chancellor freezing fuel duty again. Some MPs believe the Government should go further and have called for action taken by other G20 countries to cut fuel prices. In the US, President Barack Obama has strengthened Government supervision of the US oil market, and Germany and Australia have both established new oil regulators with orders to help stabilize the price of fuel.

MPs are growing increasingly concerned that oil companies are taking at least three weeks to pass on cheaper prices to motorists. Despite a 28% drop in the price of oil over the last three months, the price of petrol at the pumps has dropped by only 5%.

Commenting on his support for the motion, Marcus said: “The Government has taken reasonable steps to keep fuel prices as low as possible by freezing fuel duty. Under Labour’s plans, fuel would be 10p more expensive that it is today, yet I believe that more should be done.

“The Office of Fair Trading should investigate oil companies to establish, amongst other things, why it takes them so long to pass on much needed reductions in oil prices to consumers on the forecourt, many of whom are crying out for help. There may well be examples of good practice from other countries in the G20 who we can learn from and I believe that would be a sensible step to take.”