ACCC warns of high petrol prices

ACCC warns of high petrol prices

25 February 2008

The ACCC has warned motorists not to expect cheaper petrol prices in the near future. The ACCC's chairman Graeme Samuel has said there is no obvious evidence of price fixing by the major oil companies and that prices were set by the international market place. With petrol now at record highs of over $100 a barrel, Australians can't expect to get cheaper petrol prices than the rest of the world.
This will make it difficult for everyday Australians to put money away in their savings accounts with the affordability of running the family car continually increasing.

In December last year the ACCC was concerned with the 4 major oil companies after petrol prices stayed high even after prices in Singapore dropped. Prices in Singapore are used to set Australia's petrol prices and when prices again stayed high in January this year the ACCC expressed their concerns again. Mr Graeme Samuel became concerned when the prices stayed high and said he hoped to never see that happen again.

Mr Graeme Samuel also expressed his concern about a new computer database, which allows the 4 major oil companies to monitor petrol prices around the country. This database has allowed individual service stations across the country to monitor their price and also how to monitor their discounts which can again impact on the motorist. The ACCC will also examine this practice to see if it breaches the Trade Practices Act.

The ACCC will continue to monitor petrol prices around the country after a directive to do so by the Federal Government. The ACCC will also continue to observe retail prices to make sure they remain in line with international prices.

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