A key Australian Competition and Consumer Commission (ACCC) is urging fuel retailers Down Under to be honest with consumers, or risk high fines.
According to the independent statutory government authority, “in this period from February 20 and March 11, 2126 it is said that petrol prices and diesel price increases “varied widely” between Australian capital cities and in many cases have increased as fast as wholesale prices”.
After the beginning of the current Middle Eastern conflict, the ACCC published its first weekly pricing update and has revealed that petrol and diesel benchmark prices have risen more than international oil prices during this early period of war.
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The ACCC is warning fuel retailers’ behaviours that the ACACCC has been ‘advanced by these international movements to drive domestic wholesale prices, which in turn affect retail prices.
A peak consumer protection agency said something isn’t re-invenging, and that it will respond to “misleading or deceptive behavior” about why individual retailers are going up so high and fast (or breaches of competition laws”).
Upon reviewing its responses, it called petrol companies Ampol, BP, Chevron, the company’s response to recent price hikes and Mobil, 7 E-Eleven, United Petroleum and Viva Energy for urgent details about new prices.
In a release released by ACCC commissioner Anna Brakey, “Fuel companies must be transparent and open to the reasons for such widely varied and rapid increases throughout this nation” and treat their customers fairly.
“We urge petrol retailers to explain their positions to the Australian community.
Average retail petrol and diesel prices are varying from one city to another, with average prices changing every day.’ said ‘The effects on average retail price is different in cities. Consumer concerns are being exacerbated by the fact that it is very complex and volatile market, which we know adds to consumer concerns.
But we know that a lot of consumers are doing it hard, and frustration with how quickly they have seen the changes. We hope that petrol retailers will explain to us and the Australian public how they have arrived at their prices. – ’.
The ACCC says daily average retail petrol prices rose with higher wholesale prices “almost on the same day” rather than a delay.
But if petrol retailers were selling fuel they had bought before the conflict at cheaper prices, it looks like this is when we are going to pump up price.’ Ms Brakey said she was ‘inquiringly concerned about how much more money would be spent on buying gas and other things that have been in the tank since then I am now trying to sell my car for less than any cost of diesel which has led to the war”.
In February 20 and March 11, average retail petrol prices in Perth rose the most, with 59 per cent of all Australian retailers. A is 5 cents per litre.
Across the five largest cities, daily average retail prices on March 11 were 219.7cpl, up 48.8cpl since February 20.
You can view weekly fuel price monitoring updates on the ACCC website.
It has welcomed the Australian Government’s plans to increase the maximum penalties for beaches of Australian Consumer Law and the Competition & Consumer Act from $50 million to $100million, according to the ACCC.
Not only does the ACCC worry about prices rises it also worries about petrol and diesel availability in some regional and rural areas.
To ensure supply to regional areas, the federal government yesterday announced it was temporarily lowering fuel quality standards for the next 60 days, opening up around 100 million litres of new petrol supplies a month.
The government is focusing on this supply for primary producers like farmers and fishers, as well as Australians in regional regions.
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