Power boost for ACCC to eye petrol prices

The ACCC is being given more powers in relation to petrol pricing. (file pic)

The ACCC is being given more powers in relation to petrol pricing. (file pic)

Petrol retailers will be watched more closely by the competition watchdog with new monitoring and investigation powers.

The Australian Competition and Consumer Commission has been directed to provide quarterly rather than annual reports about petrol prices by federal Small Business Minister Bruce Billson.

It has also been given broader investigation powers, which take effect on Wednesday.

Mr Billson says the new ministerial directive would allow a closer examination of bowser prices, which fluctuate wildly across Australia.

‘We’ve seen even in capital cities as the price of oil’s come down, the price at the bowser has come down more quickly in some capital cities than others,’ he told ABC radio.

The ACCC will now be able “to peel back the onion” on how prices are set, he said.

‘We need to understand what’s at play there, examine whether there are any irregularities or any mischief at play,’ Mr Billson said.

‘Where there are some irregularities, something that seems not quite right and that’s to the detriment to motorists, we can have a closer examination of it.’


Leave a Reply

Your email address will not be published. Required fields are marked *


Become a supporter of The Echo

A note from the editorial team

Some of The Echo’s editorial team: journalists Paul Bibby and Aslan Shand, editor Hans Lovejoy, photographer Jeff Dawson and Mandy Nolan

The Echo has never underestimated the intelligence and passion of its readers. In a world of corporate banality and predictability, The Echo has worked hard for more than 30 years to help keep Byron and the north coast unique with quality local journalism and creative ideas. We think this area needs more voices, reasoned analysis and ideas than just those provided by News Corp, lifestyle mags, Facebook groups and corporate newsletters.

The Echo is one hundred per cent locally owned and one hundred per cent independent. As you have probably gathered from what is happening in the media industry, it is not cheap to produce a weekly newspaper and a daily online news service of any quality.

We have always relied entirely on advertising to fund our operations, but often loyal readers who value our local, independent journalism have asked how they could help ensure our survival.

Any support you can provide to The Echo will make an enormous difference. You can make a one-off contribution or a monthly one. With your help, we can continue to support a better informed local community and a healthier democracy for another 30 years.”

Echonetdaily is made possible by the support of all of our advertisers.