Someone please explain to me. If the price of oil goes down by US$23 a barrel (from US$146 to now being around US$123 a barrel ) would you not think the price of petrol would go down some 20-25 cents per litre as well. So why it is still $1.50 a litre ?
If it went up buy US$23 a barrel I’m sure we would be paying 20-25 cents per litre more for petrol … So where is this government you voted for, what about their election promise to look more closely at these oil companies and the way the do business?
Why has there been no one asking the question “Why are we still paying $1.50 a litre for fuel when the price per barrel has dropped over 2 weeks ago by around 16%, Why do we even accept this current situation?
Rant over …… for now 😦
Contact Fuel Watch if you have concerns about why the price is not going down as fast as the price of a barrel of Oil.
My email to the PM One hopes I get a response.
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Name: Mr Neal *********
Email Address: spool1968 ( @ ) yahoo dot com
Postal Address: Australia
Comment: Can you explain to me why if the price of a barrel of oil has gone from a high of $146US a barrel to $122US a barrel in the last 3 weeks we have not seen at least a 25-30 cent reduction in the price of petrol at service stations.
If we had seen the price of oil go up $24US a barrel you bet within days we would see the price at the service stations rocket up 20-30 cents.
Why are you being soft in this time of declining customer confidence and declining oil prices. You stated before your election victory you would be looking at the price of petrol, yet when the chance comes to actually prove your worth, you have sadly not.
A very disappointed consumer.
Thank you for your email dated 7 August 2008 to the Australian Competition & Consumer Commission (the ACCC) regarding petrol prices.
The role of the ACCC is to ensure compliance with the Trade Practices Act 1974 (TPA), which is designed to encourage fair trading and discourage anti-competitive conduct through a specific set of competition and consumer protection rules.
I note from your email that you are concerned that Australian petrol prices have not dropped at the pump following recent international falls in the price of oil. Petrol prices in Australia are determined by changes in the international price for refined petrol and movements in the Australian/US dollar exchange rate. There is generally a time lag of around 1–2 weeks between changes in these prices and price changes at the bowser, due to the averaging formula used by refiners in Australia. This lag may be longer in country areas because fuel stocks are replenished less frequently due to lower volume of sales.
In addition, please note that the ACCC has no power to regulate wholesale or retail petrol prices in Australia. Retailers are free to determine their prices according to market conditions.
However, the ACCC has been formally monitoring petrol prices since 17 December 2007 when the Assistant Treasurer and Minister for Competition and Consumer Affairs, Mr Bowen, directed it to formally monitor the prices, costs and profits relating to the supply of unleaded petroleum products in the petroleum industry, pursuant to section 95ZE of Part VIIA of the Trade Practices Act 1974.
As part of our ongoing monitoring, the ACCC closely watches petrol and diesel prices in all capital cities and around 110 country towns. In addition, the ACCC follows developments in the petroleum industry and will enforce the provisions of the TPA if there is evidence that it has been breached.
The information provided in your email has been recorded and will be used in the context of the ACCC’s ongoing monitoring of petrol prices and petrol pricing issues.
If you require further information, the ACCC has issued a publication titled Understanding petrol pricing in Australia – Answers to some frequently asked questions, which aims to help consumers to understand petrol pricing in Australia. Copies of the booklet are available from the ACCC website at http://www.accc.gov.au/content/index.phtml/itemId/706620/fromItemId/3737
Thank you for contacting the ACCC.
Ph: 1300 302 502
What a crock of shit reply from them. Weak government weaker ACCC !