OFT 'has failed independent petrol retailers'

The decision by the Office of Fair Trading not to investigate the UK petrol market is a "grave disappointment" the Petrol Retailers' Association has said.

Brian Madderson told BBC News that he was not surprised that the OFT had decided not to act, but believed their review of the sector was flawed.

Mr Madderson said that he could not explain the fluctuations in oil prices which have been passed onto consumers at filling stations.

The OFT report said that competition was working well in the market, and found little evidence that prices were quick to rise when oil prices increase, but slow to fall when prices drop.