MPs have called for greater clarity on how global oil prices are set after a report raised fears that traders were pushing up the cost of fuel at the pump by manipulating the market.
Global financial regulator IOSCO said the oil market was open to "manipulation or distortion" in a report commissioned by the G20 group of countries and presented to them last month.
It has provoked fears that traders can submit false information about oil prices in order to drive up the cost – similar to the rigging of the Libor rate which led to the resignation of Barclays' chief executive Bob Diamond earlier this month.
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