Oasis fans may be able to sue Ticketmaster over its unpopular dynamic pricing model implemented during the sale of tickets for the band's hotly anticipated reunion tour.

Lawyers have said the use of the system, which allows the provider to sell 'in-demand' tickets at a higher rate, may have breached consumer law.

Richard Pike, a partner at Fieldfisher, told The Telegraph that those who bought tickets at inflated prices could bring legal action against the company for breaches of consumer law, common law actions or misrepresentation.

'They'd have to bring a High Court claim... In terms of the merits of action, I think there are arguments there... I wasn't expecting there to be this dynamic pricing. It only became apparent after I'd been on the phone for quite some time already.'

Fans of the Britpop band were shocked to find that after waiting hours for a chance at buying tickets through Ticketmaster, and other sites, they were offered higher prices for popular tickets often at multiples of the original price, and only reserved for a limited time.

The UK's competition regulator and the European Commission have since vowed to investigate the fiasco amid fierce backlash from fans. 

The higher pricing of tickets by various companies has attracted the attention of regulators in the UK and abroad.

The Competition and Markets Authority (CMA) said it would look at how ticketing platforms adjusted their prices around demand following a previous review recommending a crack down on touting.

On Tuesday, the competition regulator was reported to have launched its review of so-called dynamic pricing following a string of complaints of tickets soaring in some cases to more than three times their listed value.

Oasis had assured on social media that tickets 'can only be resold at face value' via select sellers after touts tried reselling pre-sale tickets for thousands of pounds on Friday.

But it was the retailers that came under fire on Saturday when customers, having waited in some cases up to eight hours to get to the front of the queue, were presented with standing tickets costing more than £350 - far above the expected £150. 

Emma Munnelly, queuing for tickets since 8:30am on Saturday, told MailOnline that afternoon she had spent three hours waiting in a queue and a waiting room queue to buy tickets for herself, her husband and her daughter.

She said her daughter 'has been desperate to see Oasis and couldn't believe her luck when they announced they were touring'.

'Expected to pay £148.50 for standing at Manchester, absolutely disgusted that when we had the chance of purchasing the tickets, Ticket Master had increased them to £355 each.

'This was unaffordable and devastating for my daughter.'

'It is such an unaffordable cost for many families and it should not be allowed to happen,' she said. 

Catherine Kremer said she had finally reached the front after four hours of queuing and now 'can't even buy a ticket 'whatever option is chosen', with in-demand tickets priced at £358.10 to stand.

Heidi Tringe told MailOnline she got up at 3:45am local time in Montpelier, USA - and was horrified to discover the 'In Demand' prices when she finally got to the front of the queue, three and a half hours later.

'The Ticket Options that were showing on the screen were the ridiculously Ticketmaster-inflated 'dynamic pricing' tickets...

'I attempted clicking on various buttons and 'Find Tickets' to no avail for the last 30 minutes. I finally hit refresh – nothing changed. I hit refresh a few more times and then it said I had lost my place in line and could rejoin the queue.

'This is so maddening, heartbreaking. If companies are going to have a monopoly on tickets, inflate the prices well above the prices the band has set, they damn well better have systems in place that can handle fan demand. Something needs to be done, both in Europe and in the US.'

The European Commission also pledged to look into Ticketmaster's ability to inflate the price of tickets based on demand this week.

The company was warned it may have breached laws both in the UK and Europe by offering in-demand prices high above the expected price.

A spokesperson for the European Commission told The Guardian it was looking into the use of dynamic pricing amid growing concerns among MEPs.

'The only winners in this situation are big ticketing platforms, at the expense of fans who find themselves priced out of gigs,' Dutch MEP Lara Wolters told the newspaper.

'This is not a system that seeks to maximise joy by filling the stadium with an artist's biggest fans, but to maximise profit from music like any other product.'

Darragh Moriarty, City Councillor for South West and Inner City, and Labour Leader on Dublin City Council, expressed concern at the prices on Saturday.

''In demand standing ticket' is just a standard standing ticket except double the price. No difference between Ticketmaster and touts,' he said.

Mr Moriarty shared apparent screenshots from the Ticketmaster website offering In Demand standing tickets for 415.50 euros each, plus fees - equivalent to around £350.

Journalist Gavan Reilly shared in the frustration on Twitter/X.

He wrote on Saturday: 'After 105 minutes in the queue: only tickets left for Oasis on Sunday are 'official platinum tickets' (€490.50) and 'in demand standing tickets' (€415.50).

'Neither has any VIP element: it's literally just Ticketmaster incorporating tout pricing into the 'face value' proposition.'

Others criticised Viagogo for selling tickets at multiples of the original price.

The managing director of ticket resell website Viagogo today defended the decision to sell opportunities to see the band at beyond the price set by the organisers.

Cris Miller said: 'This is a dream event anticipated by millions worldwide.

'Our number-one tip for fans using secondary marketplaces is to continue to check prices outside of the first few weeks of sale.

'Demand will be at its peak when tickets hit the on-sale but it's not a normal reflection of what tickets can and will go for. 

'Just this summer tickets for Taylor Swift's Eras Tour in the UK sold on our platform for as low as £80.'

He added: 'In the case of Oasis - a highly anticipated event - we saw the primary sites struggling to manage demand even before the on-sale, and site crashes.

'We know fans are frustrated with the process and we know there is a better way. 

'We continue to support industry collaboration to ensure the entire ticketing market works for fans and the live entertainment industry.

'Resale is legal in the UK and fans are always protected by our guarantee that they will receive their tickets in time for the event or their money back.'

MailOnline approached Ticketmaster for clarification on dynamic ticket prices as customers raised their concerns.

Ticketmaster shared a link to information about the pricing, and clarified that Ticketmaster does not set any ticket prices.

The Ticketmaster website reads: 'Ticketmaster has no say on the face value price of a ticket. That is decided by the event organiser. 

'What we do have a say over is the price that is displayed to you and we always ensure that you see the total price you will need to pay right from the beginning – we never hide our fees.'

It adds that In Demand tickets are 'dynamically priced' and prices can change based on demand.