A number of firms and trading houses are being investigated by the European Commission as it investigates possible fraud in the setting of benchmark oil rates.
Inflation is expected to edge down to 2.7 per cent in April from 2.8 per cent in March as lower petrol prices help keep inflation under control.
A special report on inflation by Ernst & Young's Item Club predicts inflation will remain above the Bank of England's target until at least 2016.
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