UK oil giants 'face heavy fines' over alleged oil price fixing

Oil majors BP and Shell could face hefty fines if they are found to have manipulated the oil price, the UK's energy secretary has warned.

Edward Davey MP told the House of Commons the oil giants will face the “full force of the law”, which could include large penalties imposed by the UK and European regulators. He also suggested there could be a case for consumers to receive compensation if they have been overcharged for fuel for many years.  “If it turns out that hard-pressed motorists and consumers have been hit in the pocket by the manipulation of markets, the full force of the law should come down on those responsible,” he said. BP and Shell have seen their share prices remain largely unmoved by the allegations, a...