Rising fuel prices have been addressed by the Australian Competition and Consumer Commission (ACCC) in its first weekly pricing update since the outbreak of the ongoing Middle East conflict.
The update comes after the commission promised it would be “closely watching” any price rises made in response to the strained global oil supply, which has seen oil costs skyrocket.
Darwin had the highest average fuel retail prices in Australia’s capital cities, the ACCC said, while Canberra was the lowest.
“The impacts on average retail petrol and diesel prices varies between cities, and average prices are changing daily. The market is highly complex and volatile, which we know is adding to consumer concerns,” ACCC Commissioner Anna Brakey said.
“We know that many consumers are doing it tough and are frustrated by the rapid changes they have seen. We expect petrol retailers to explain to us and the Australian public how they have arrived at their prices.”
The commission said it has written to companies such as 7-Eleven, Ampol, BP, Mobil, and Viva Energy to seek information about their price increases. The responses have prompted a call for a meeting with companies, for the ACCC to gain “further clarification”.
“Fuel companies should be open and honest about the reasons for such widely varying and rapid increases across the country and treat their customers fairly,” Brakey added.
“We urge petrol retailers to explain their positions to the Australian community.”
The Federal Government is discussing plans to double the maximum penalty for breaches of the Australian Consumer Law and the Competition and Consumer Act from $50 million to $100 million. The ACCC said it supports these plans and will seek the highest penalty appropriate when a case is referred to the courts.
