Investigation Into Petrol Price Hikes

3FM have been speaking to the Office of Fair Trading’s Acting Chief Officer Paul Gelling to find out more about the petrol price hikes set to imposed on the Island.

The price increases are a direct result of an increase in wholesale costs of the refined product; the weak sterling exchange rate is also a factor.

Its not just the Island who are suffering, all over the UK and Europe prices are going up, the price of buying in the refined product for suppliers has shot up by 17%.

An investigation into the price of petrol has been conducted and will be put to Tynwald next month before being made public.