Business will be incandescent if allegations are true, says lobby group The Forum of Private Business has said allegations certain oil companies may have colluded on price rigging for years will not come as a shock to many small firms.

The not-for-profit employer support organisation, who in January voiced concern at the OFT’s own price fixing investigation which found nothing, said high fuel prices had played a significant part in subduing UK economic activity since the credit crisis erupted in 2008, and if found to be true were a scandal on par with Libor.

“If these price rigging allegations are found to be true, then they are as serious as the Libor or bank swaps scandals,” said the Forum’s policy adviser, Robert Downes.

“Post crash, rocketing pump prices blighted the UK and put a massive hole in the finances of many small businesses, particular those who rely heavily on fuel.

“This latest investigation by a non-UK body will also raise questions around the OFT’s operation which started last year if it does eventually finds wrong doing.

“Our members, and no doubt most of the country’s businesses that operate vehicles, will be incandescent if what many have long suspected – that is price fixing – proves to be true. And who can blame them.”

The Forum said the number of its members who have taken up their fuel card offering in order to save cash on petrol and diesel bills has risen dramatically in the past five years, which showed businesses were feeling the pinch more than ever from high forecourt prices.

Added Downes: “It’s no surprise that as fuel costs rose from less than a pound a litre in 2008 to nearly £1.50 in the space of a year, firms were desperately looking to make savings any way they could. We know fuel costs weigh like an anchor on small business growth, especially for those firms who rely on fuel to trade.

“It’ll be these businesses, the ones who’ve been hurt the most by consistently high prices, who’ll be most angry if these allegations are proven to be true. For staff who’ve lost their jobs, and firms that have gone bust – and we know they are out there – will there be compensation like we’ve seen with the banks’ PPI miss-selling scandal?”