The Australian Competition and Consumer Commission (ACCC) has woken briefly from its slumber to admit yesterday that petrol prices in Australia may be a bit highâ€¦ The Commission chairman Graeme Samuel rubbed the sleep from his eyes and asked fuel retailers to take it easy on motorists over the coming Queenâ€™s birthday weekend.
"While there has been a decline in Australian terminal gate prices, the average retail price at the bowser across the major capital cities has continued to increase. This indicates that while the lower international prices are being reflected at the wholesale level, they are not being passed on to Australian motorists by retailers." Mr Samuel said.
Prices have already risen in Melbourne. I noticed $1.40 at the pump earlier today but its not like this is unusual. We witnessed the price rise from $1.27 to $1.40 in one jump last Thursday. The ACCC must have been snoozing.
Australian fuel is supposed to be based on the price of Singapore crude oil which is actually dropping. Over the last fortnight Singapore crude has dropped from $112 to $103 a barrel while the price of fuel at the pump has steadily risen.
Mr Samuel also said that there is a standard delay of 7 to 10 days for changes on the international market to filter down to service station level. We think he meant â€˜downwardâ€™ changes as â€˜upwardâ€™ changes seem to be almost instantaneous.
Mr Samuel is not sure why the retail price is not fallingâ€¦which doesn't surprise anyone here.
Who do these fools think they are kidding? We all know that the price of fuel should have fallen weeks ago. We all know that the ACCC is a waste of tax payer funds. Itâ€™s all just one more joke being played out on the Aussie motorist.
After yesterdays brief show of bravery we have no doubt that the old tiger has tucked himself back in and is now sound asleep.