The Australian Competition and Consumer Commission (ACCC) Chair, Mr Graeme Samuel has informed the Assistant Treasurer that he has written to the oil companies and the two major supermarket chains seeking an explanation of the recent significant divergence between the retail price of unleaded petrol in Australia and international price movements.
"The government is concerned to ensure that motorists and families are not taken advantage of in the lead up to the Christmas holiday period," the Assistant Treasurer and Minister for Competition Policy & Consumer Affairs, Mr Bowen said.
"The ACCC is now in a much better position to be able to investigate such price divergences after the government recently gave the ACCC the power to formally monitor petrol prices.
"I expect the oil companies and two major supermarket chains to cooperate fully with the ACCC in its inquiries."
Whereas previously when such divergences arose the ACCC Chair had to engage in public debate or write to the Treasurer seeking the powers to investigate, the ACCC now has formal monitoring powers to use as its discretion.
"The Rudd Government has acted decisively to give the ACCC on an ongoing basis formal monitoring powers that include the power to subpoena relevant documents and compel witnesses to give statements to the consumer watchdog," Mr Bowen said.
"The government will also continue to consider the recommendations from the ACCC's recent report into petrol prices."
The Assistant Treasurer has already signalled that the ACCC will:
- undertake a more detailed examination and on-going monitoring of buy–sell arrangements;
- complete an audit of terminals suitable for importing refined petrol into Australia, covering terminal capacity, use and leasing and sharing arrangements;
- provide on-going monitoring of the use, leasing and sharing of terminals suitable for importing refined petrol into Australia; and
- monitor developments in relation to shopper dockets to ensure they give customers value for money and promote competition.