The Office of Fair Trading says its latest update on petrol and diesel prices rules out claims companies are profiteering.

The OFT has published its latest findings into road fuels, following a major investigation into prices back in 2010.

Its latest report looks at longer-term trends in the market, and shows petrol sales on the Island fell by 15 per cent between 2007 and 2013, while diesel sales rose 2.5 per cent over the same period.

OFT Chairman David Quirk MHK says despite price differences of up to 9.5p per litre over the past three years, the difference is justified by additional costs supplying fuel to the Island market.

He says neither importers nor retailers have increased their profitability since the last report and the OFT won’t be launching a formal investigation into fuel prices.