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UK petrol prices may have been rigged by oil companies for a decade. 15/05/13

Motoring groups and MPs have been calling on UK regulators to investigate oil companies after raids by European anti-trust regulators.

The regulators raided offices of Shell, BP and Statoil due to suspicions that they may have been colluding to distort oil prices since 2002.

European Commission officials said that they made the "unannounced inspections" after worries that "the companies may have colluded in reporting distorted prices".

The raids were carried out despite the fact that the UK Office of Fair Trading has already conducted an investigation in which it concluded that the UK fuel market was operating fairly, so no further investigation by the Competition Commission was needed.

The price of oil has a huge effect on the UK economy as it is the raw material for a huge range of products, including petrol and diesel fuel.

Both BP and Shell have stated that they are co-operating fully with the investigators.

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