11:06 15 May 2013
BP and Shell have had offices raided by the EU Commission as allegedly they may have been working to fix oil (and biofuel) pricing, it has emerged on Wednesday, 15thMay.
The allegations regarding petrol pricing led to an investigation being launched into the matter. The two oil giants are suspected of being involved in the case, where reportedly if oil prices were manipulated it would have a knock-on effect on petrol pricing.
It is understood those offices which were raided by the EU also included ones from Platts as well as Statoil – a Norwegian oil firm.
As explained by EU officials, prices may have been manipulated if wrong details were given to Platts, an agency who deal with price-reporting.
It is believed that many groups may use figures released by Platts and other such agencies to help them with their decisions when it comes to pricing in regards to oil, including petroleum.
A spokesperson for the EU Commission said: “The commission has concerns that companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products.”
Adding: “Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases purchases and sales, potentially harming final consumers.”
Both BP and Shell have said they are being looked into and that they were co-operating. As reported by The Telegraph, Platts has also said one of its offices was reviewed and that they were co-operating.
This news does not mean that the parties involved are guilty of alleged price-rigging but that there is an investigation being carried out.
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