Petrol prices in the Isle of Man are in line with those in the UK, according to the Isle of Man Office of Fair Trading.

Public concern about the rise of transport fuel prices has led the consumer body to raise the issue with local suppliers, who confirmed the reasons behind the rise: an increase in the wholesale price of refined oil and the pound's poor performance against the Dollar. 

Increasing prices are not confined to the Isle of Man: according to the AA, UK petrol prices could hit a record average high over the next few weeks. 

The motoring organisation was reported as saying that the "increases in the wholesale price of petrol since January are to blame for the rise in forecourt prices". 

According to a BBC report, there are regional differences in the price of fuel; some petrol stations in central London are already charging ?1.20 per litre, while the average in the UK is ?1.16 per litre.

A report on an investigation into Liquid Fuel Prices on the Isle of Man conducted by the Office on the instructions of the Council of Ministers will be laid before Tynwald by the Council in April.

Chairman of the OFT Bill Henderson MHK (pictured) said, "I know full well that consumers and businesses are as concerned as I am.

"I am not happy about increasing fuel prices at all.  I can fully sympathise with people.  There are reasons however beyond the control of the fuel suppliers which are affecting fuel prices across the British Isles.

"The report of the findings of the investigation the Office conducted into the price of liquid fuel, which will be available in April, will clarify the factors affecting fuel prices on the Island.

"However, we are not here to make excuses for the fuel industry but to inform the public as to the information coming back to us from our recent inquiries and requests to understand what is happening."