PETROL giants BP, Statoil and Shell have had their offices raided by regulators investigating allegations that they have colluded to rig petrol prices for more than a decade.
The European Commission suspects companies have been distorting oil and biofuel prices since 2002. During that period, petrol prices have risen by more than 80 per cent to around 135p per litre. The Commission said it suspected the firms of "anti-competitive agreements" relating to the submission of prices to oil pricing agency Platts. The Commission said even small distortions of prices could have a "huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers".
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