I have today agreed to a request from the Chairman of the Australian Competition and Consumer Commission (ACCC) for an extension of the reporting date of the ACCC’s inquiry into petrol pricing across Australia.
The inquiry is to be completed and a report submitted no later than 15 December 2007.
On 15 June 2007 I directed the ACCC to undertake an inquiry into petrol pricing across Australia, pursuant to Part VIIA of the Trade Practices Act 1974 (the Act).
On 6 September 2007, the Chairman of the ACCC wrote to me and requested an extension of two months from the original reporting date of 15 October 2007 in order to provide a more rigorous and thorough examination of the issues in the inquiry notice.
The ACCC has advised me that its inquiry is well advanced and a vast amount of valuable information has been obtained through submissions, public hearings and from major participants.
The ACCC considers that further hearings are required to enable it to enquire in more detail on a number of specific issues in the inquiry notice.
I am determined that motorists should have full confidence in the price they pay for petrol at the bowser. As such, I want to ensure that the ACCC has the necessary time it requires to undertake a thorough analysis of petrol pricing across Australia.