BP and Shell accused of price rigging
The London offices of BP and Shell have been raided by European Commission regulators investigating allegations they have "colluded" to rig oil prices for more than a decade.
The commission said the alleged price collusion, which may have been going on since 2002, could have had a "huge impact" on the price of petrol at the pumps "potentially harming final consumers".
Lord Oakeshott, former Liberal Democrat Treasury spokesman, said the alleged rigging of oil prices was "as serious as rigging Libor" – which led to banks being fined hundreds of millions of pounds.
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