ACCC Gets More Power To Monitor, Report On Fuel Pricing

The Australian Competition and Consumer Commission (ACCC) has been granted more power by the Federal Government to monitor and report on fuel pricing behaviour.

The Commission has, since 2008, reported only annually on fuel pricing matters via its Fuel Price Monitoring Report.

The Minister for Small Business, Bruce Billson, has now instructed the ACCC to compile reports on fuel pricing more regularly to put a tighter spotlight on overcharging and anti-competitive behaviour.

“At the moment, the ACCC does an annual Fuel Price Monitoring Report and to be frank with you, it’s a gripping read about what happened over the last 12 months and a lot of policy analysts and people that love to reflect on those price movements find it pretty interesting,” Mr Billson said, speaking with Radio 3AW.

“But for the average motorist it’s too late. The issues of particular concern for them [are] ‘why is there a spike prior to school holidays?’ ‘Why is it when LPG international benchmark prices go up, the LPG price goes up immediately but when it goes down it seems to take forever to change?’” 

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