The Office of Fair Trading (OFT) has issued a call for information on the UK petrol and diesel sector, a move that has been welcomed by Nuneaton’s MP, Marcus Jones, who has backed campaigns for lower fuel prices and an investigation of the practices employed by the oil companies.

The UK retail road fuels sector is estimated to be worth around £32 billion. Petrol prices rose by 38 per cent between June 2007 and June 2012, and diesel prices by 43 per cent over the same period.

In light of continuing public concern about pump prices, the OFT wants to identify whether or not there are competition problems that it can tackle in the sector. It is inviting the industry, motoring groups and consumer bodies to submit information.

The OFT will explore a number of claims about how the road fuels sector in the UK is functioning, including whether reductions in the price of crude oil are being reflected in falling pump prices, whether supermarkets' and major oil companies' practices may be making it more difficult for independent retailers to compete with them , whether there is a lack of competition between fuel retailers in some remote communities in the UK, and  whether concerns about price co-ordination and the structure of road fuels markets identified by other national competition authorities are relevant in the UK.

Commenting on the move, Marcus said: “I am acutely aware of the widespread concern about the cost of petrol and diesel at the pumps and the impact it is having on local families and businesses in Nuneaton. I am pleased that the OFT have taken this step to look at more detail into how fuel prices are set in the UK.

“There are so many questions that the oil companies need to answer, such as why pump price increases immediately when the cost of oil increases, but when the oil price reduces that does not seem to be passed onto the motorist as quickly, if at all.

“Along with many parliamentarians and local people, I’ll be waiting to read with interest their findings to see what recommendations are suggested in terms of any further action that may be needed.”

The OFT will be gathering information over the next six weeks, and plans to publish its findings in January 2013.