In earlier news CPI reported that the Office of Fair Trading announced a probe into the issue of alleged price-fixing in petrol prices. Now, the government will also investigate the scandal of oil traders and City speculators allegedly rigging markets to drive up pump prices. The government said, it will include alleged oil market rigging in the planned investigation into the inter-bank lending scandal (LIBOR) which artificially inflated interest rates for millions of bank customers (CPI FS Column). The government is asking the Financial Services Authority (FSA) to look into the matter and has instructed its own Civil Servants to ‘revisit’ the issue.
Full Content: DailyMail
Related Content: U.K.: Competition Authority Investigates Gasoline Prices
Related Content: Financial Services Column about Libor
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