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UK suspends competition law to tackle panic-buying

UK suspends competition law to tackle panic-buying, the vie

UK suspends competition law to tackle panic-buying, the vie

UK business secretary has agreed to temporarily exempt the industry from the Competition Act 1998 so that companies can communicate and optimise supply.

UK government has decided to suspended competition laws to allow oil companies to target petrol stations running dry after days of panic buying. This reaction to the shortage of HGV drivers in UK has caused “serious problems” at petrol stations.

Business Secretary Kwasi Kwarteng met with oil companies and retailers on Sunday to address a third day of queuing for the pumps, with thousands of petrol stations left empty.

According to a report by Evening Standard, the UK Business Secretary, announcing the measure to exempt the oil industry from the Competition Act 1998, said, “We have long-standing contingency plans in place to work with industry so that fuel supplies can be maintained and deliveries can still be made in the event of serious disruption.

“While there has always been and continues to be plenty of fuel at refineries and terminals, we are aware that there have been some issues with supply chains. This is why we will enact the Downstream Oil Protocol to ensure industry can share vital information and work together more effectively to ensure disruption is minimised.”

The triggering of the Downstream Oil Protocol comes as the Petrol Retailers Association (PRA) warned that two-thirds of its 5,500 independent outlets are out of fuel, with the rest partly dry and running out soon, added Kwarteng.

As per reports of The News, UK ministers are also considering deploying the army to deliver fuel.

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