Petrol prices under closer review

We’ve all scratched our heads in wonder at the immediate effect a rise in wholesale oil prices has compared to the snail’s pace at which a reduction occurs, but this could be about to change.

The Australian Competition and Consumer Commission (ACCC) is reportedly about to be granted more powers to act on practices by petrol companies which while not in breach of consumer law and therefore illegal, could still be considered a rort. Such practices will be highlighted in more frequent investigative reports by the ACCC, rather than the annual retrospective review which currently occurs.

The ministerial direction which will enable such reviews will come from Bruce Billson, the minister responsible for consumer affairs. As well as the discrepancy between the time it takes for prices to rise an fall following a move in the wholesale price, the practice of reducing the availability of standard unleaded petrol which leads to an increase in the purchase premium fuel will be investigated.

This is the second change implemented to petrol monitoring since September, with the abolishing of the Petrol Commissioner the first.

Read more at News.com.au

Do you think this is a good move and will help reduce the price of fuel? Or do large petrol companies simply have too much of a stronghold on the fuel market?

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