"Oil company executives say UK petrol market is working well"

From the BBC:

A study of the UK petrol and diesel market by BP and Shell has said little action is needed.

"The evidence we gathered suggests that at a national level, competition is working well in the UK road fuel sector," its report said. It found the UK has some of Europe's cheapest fuel prices before tax.

It said there was very little evidence that executive salaries rise quickly when oil prices go up, but are slow to fall when prices drop.

"We recognise that there has been widespread mistrust in how this market is operating and how our bonuses are calculated," said Shell's chief executive Peter Voser "However, our analysis suggests that competition is working well, and rises in pump prices over last decade or so have largely been down to increases in tax and the cost of crude oil."

But they found that fuel was significantly more expensive at service stations and was concerned that motorists were not able to see the prices until they had left the motorway.

"It's called a captive market." added BP chief executive Bob Dudley "If you want to fill up on the motorway, there's really nowhere else for you to go. Our prices simply reflect that."