PETROL PRICES IN THE UK

That this House believes that the current cost of fuel is one of the biggest brakes on economic growth, and is causing hardship for many; notes that this is especially true in towns like Harlow, where the high price of fuel is damaging the prospects of small businesses; welcomes the one penny cut in fuel duty in the 2011 Budget, and the avoidance of the large tax increase planned by the previousadministration; further notes, however, that when the oil price goes up, the pump price of petrol rises almost instantly, but when the oil price falls, there tends to be a lag in prices falling; and therefore calls for much greater transparency from big energy companies, including open book accounting and data published regularly online, so that the public can see where the cheapest petrol can be found and which companies are passing on lower oil costs to their customers.