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Was the petrol price rigged too?

Posted By admin On July 16, 2012 @ 1:23 am In Money Watch | Comments Disabled

Rowena Mason & Emma Rowley
London Telegraph [1]
July 16, 2012

Motorists may have been paying too much for their petrol because banks and other traders are likely to have tried to manipulate oil prices in the same way they rigged interest rates, an official report has warned.

Concerns are growing about the reliability of oil prices, after a report for the G20 found the market is wide open to “manipulation or distortion”.

Traders from banks, oil companies or hedge funds have an “incentive” to distort the market and are likely to try to report false prices, it said.

Politicians and fuel campaigners last night urged the Government to expand its inquiry into the Libor scandal to see whether oil prices have also been falsely pushed up.

Full story here. [1]


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URLs in this post:

[1] London Telegraph: http://www.telegraph.co.uk/earth/energy/fuel/9401934/Was-the-petrol-price-rigged-too.html

[2] Petrol price ‘rigged for a decade’: http://www.prisonplanet.com/petrol-price-rigged-for-a-decade.html

[3] Motorists fume at ‘profiteers’ as price of petrol goes UP despite huge falls in oil price: http://www.prisonplanet.com/motorists-fume-at-profiteers-as-price-of-petrol-goes-up-despite-huge-falls-in-oil-price.html

[4] Everything Is Rigged: The Biggest Price-Fixing Scandal Ever: http://www.prisonplanet.com/everything-is-rigged-the-biggest-price-fixing-scandal-ever.html

[5] Barclays traders rigged American electricity prices to boost their own profits and bragged about it in damning e-mails: http://www.prisonplanet.com/barclays-traders-rigged-american-electricity-prices-to-boost-their-own-profits-and-bragged-about-it-in-damning-e-mails.html

[6] Is EVERY Market Rigged?: http://www.prisonplanet.com/is-every-market-rigged.html

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