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Australia: Competition regulator questions high fuel prices

 |  February 16, 2016

The Australian Competition and Consumer Commission´s public warning to fuel retailers came on the aftermath of the fifth quarterly report into the Australian petrol industry. The report found that while fuel prices had slightly decreased, they did not reflect the huge slump in international oil prices.

“Motorists are not fully benefiting from low crude oil prices, as they use petrol in their vehicles, not crude oil, and the difference between crude oil prices and international refined prices in 2015 was high,” said ACCC chairman Rod Sims, as reported by ABC.

ACCC´s report found that quarterly average for fuel prices in the country´s five largest cities (Sydney, Melbourn, Brisbane, Adelaide and Perth) was at $124.4 per litre, just 8.8 cents cheaper than the previous three months.

“The ACCC believes that retail prices have been unreasonably high in the second half of 2015 and in early February 2016, I wrote to the major petrol retailers seeking an explanation for the high retail margins,” added Sims.

Full content: Petrol Plaza

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