Bill Cash took part in a parliamentary debate yesterday on the effects of the oil market on the price of petrol and diesel. 

Cash was supporting a debate led by Robert Halfon MP on the Motion – 
That this House notes the call for evidence by the Office of Fair Trading (OFT) on competition in the UK petrol and diesel market; however, believes that the OFT and Financial Services Authority should launch a full investigation into oil firms active in the UK; calls on the Government to consider the emergency steps being taken in other G20 countries to reduce fuel prices; notes, for example, the announcement by President Obama to strengthen federal supervision of the US oil market and to increase penalties for market manipulation, and the move by Germany and Austria to establish a new oil regulator with a remit to help stabilise the price of petrol in those countries; and further urges the OFT to note that the Federal Cartel Office in Germany is now investigating oil firms who are active in the UK following allegations of price fixing. 

During the debate on Thursday, Cash raised the issue of Government taxation of petrol and diesel.  He announced his support for the organisation FairFuelUK’s central campaign aim – that the 3p Fuel Duty rise, deferred from August, should NOT go ahead on 1st Jan 2013 as is currently planned. 

Cash added: “Whilst I understand it is important to bear in mind the Government’s objective to reduce the deficit, given the state of our public finances, I equally understand that the Government must take action on the cost of fuel, which means lower fuel duty and lower fuel prices at the pumps. 

“I agree with campaigners that it is vital to the economy and the daily lives of my constituents and therefore that action needs to be taken in this area.”