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7/8, 10:51 AM (Source: TeleTrader)
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UK watchdog concerned over soaring oil prices

The fuel cost reached a record high in the past couple of weeks, prompting the British Competition and Markets Authority to express concerns over the margins made by refineries.

"[We] found cause for concern in the growing gap between the price of crude oil when it enters refineries, and the wholesale price when it leaves refineries as petrol or diesel," the United Kingdom's watchdog remarked on Friday.

The CMA review stated that the fuel duty cut was implemented and that the most prominent retailers did it immediately, compared to gradual cuts made by smaller fuel retailers. The CMA is set to begin investigating the fuel sector, with the report expected in the fall.

Baha Breaking News (BBN) / JN