Liquid Fuel Monitoring – Figures Now Available

The Office of Fair Trading is pleased to announce that its ongoing monitoring of liquid fuel prices in the Isle of Man and of independent dealer owned sites in the UK is now available on the Office’s website or in hard copy from the Office’s Advice Centre. The figures on the Office’s website (www.gov.im/oft) will be updated on a monthly basis.

The monitoring of fuel prices by the Office and making those findings publicly available is part of the Office’s ongoing commitment to providing consumer information and complies with a number of recommendations contained in the latest report into fuel prices in the Isle of Man which was published in April 2010.

OFT Chairman Mr Bill Henderson said “I am pleased that the information obtained by the OFT will now be publicly available on our website and I am satisfied that we are meeting the recommendations within the latest liquid fuel report. I believe it is important that this Office continues to provide and update the public with information in areas of consumer interest or concern. Fuel prices are always of interest to consumers and the publication of our liquid fuel monitoring document will add to the other price information such as the comparative heating schedule, which is also available on our website.

This is part of the OFT Board’s ongoing public commitment that when conducting fuel price investigations under the Fair Trading Act 1996, the Office will ensure that there is transparency for consumers in regards to how fuel prices are constructed, that the costs of units of fuel are broken down and where possible price comparisons are made available so that consumers are fully informed of current market situations. ” Mr Henderson concluded.

NOTES

The last investigation report into fuel prices undertaken by the OFT was published in April 2010. The full investigation report conducted under section 19A of the Fair Trading Act 1996, as amended, can be found on the OFT website www.gov.im/oft.

Prices are calculated on the basis of a rolling average of weekly observations over the preceeding 8 weeks.

IOM prices are average pump prices observed at 3 Total forecourts and 3 Manx Petroleum forecourts and include all fuel duty and taxes (at the current rate).

UK prices are average pump prices observed at independent dealer sites and include all fuel duty and taxes (at the current rate) - source Experian Catalist.

Figures are in pence per litre.

The information contained within the document may not be used for advertising purposes without the prior agreement of the Isle of Man Office of Fair Trading.