The Office of Fair Trading (OFT) has completed and released their findings on study of the UK petrol and diesel market. While most people in the UK believe that something is wrong because consumers are paying near record prices at the pumps and savings on crude oil prices don’t reflect the cost of fuel at the pumps, the OFT has come out and said “Little action is needed”.

It found that the UK has some of Europe’s cheapest fuel prices before tax and that about 60% of the fuel price at the pump is accounted for by fuel duty and VAT. It also found that supermarkets have actually helped competition.

You can find more information on the BBC’s website here.

*Bootnote: The BBC has also released this interesting fuel price calculator found here.