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Something we already knew. Petrol prices rigged


passing through

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click here

Will they raid the offices of the power firms next?

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Forum Editor

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How did we already know? Some people may have suspected it, but to say that we already knew is a bit silly.

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WhiteTruckMan

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Knowing something is true without evidence, or even in the face of evidence to the contrary isn't exactly a rare phenomena. Just take a look at religions around the world.

WTM

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fourm member

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Pricing in an oligopoly with a product with little brand differentiation almost always looks like fixing is going on.

That makes it very difficult for investigators to discover those instances where fixing has occurred.

Still, since 'everyone knows' the petrol price is rigged you wonder why the EU is bothering to spend money investigating.

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Jock1e

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Lets hope if they do find that the prices have been rigged that those company's involved should be made to pay severely for their actions.

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Chronos the 2nd

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Cartels are nothing new particularly within the EU. Cases.

WhiteTruckMan. Well said.

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fourm member

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To pursue WTM's analogy, simply believing there is a god does not create one.

The EU cannot fine the oil companies on the basis that it believes there has been a cartel. Finding evidence is much more difficult and, as we know, previous investigations haven't been able to do that.

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spuds

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What do they call price fixing, is it called the "Going Rate"?.

Here in the UK there are many Watchdog's set up as protector's of the public. Have you ever noticed how long any investigation to possible complaints takes, and what are the usual outcomes?.

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fourm member

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spuds

If you and I sell string in the same street there is very little chance for us to have different prices. String is string.

If I increase my price the day you increase yours who can say that we'd agree to do that?

If I come to your shop and ask you how you feel about the price of string and go away with the impression that you wouldn't mind the price being higher is that price fixing?

Pricing investigations take a long time because they are very complex.

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spuds

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fourm member

You appear to be giving me a lecture on the subject :O)

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michaelw

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forum member "Still, since 'everyone knows' the petrol price is rigged you wonder why the EU is bothering to spend money investigating."

The EU are investigating because the Office of Fair Trading made a weak attempt to investigate earlier and came up with nothing. As you say it's going to be difficult unless phones are tapped otherwise how do you obtain evidence regarding phone conversations. The only way evidence can be produced is is there's a record somewhere, like emails or letters. They can ask questions, of course, but if ranks are closed we'll carry on paying over the odds for fuel.

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