The Australian Competition and Consumer Commission’s (ACCC) latest report into the prices of petrol will be carefully examined and taken into consideration by the governement, according to Minister for Competition Policy and Consumer Affairs, Craig Emerson.
Emerson said the report’s finding that the weekly fuel price cycle is getting bigger and more regular, is concerning.
“The report of the ACCC into the prices, costs and profits of unleaded petrol in Australia, and a separate confidential report to me, raise concerns about price signalling among major petrol retailers during the price-hiking phase of the price cycle,” he said.
“The ACCC’s evidence suggests that in each capital city one of the major petrol retailers usually leads the market up sharply after the bottom of the price cycle and the other major retailers follow in the knowledge they won’t be undercut by rivals,” he added.
Emerson said the Federal Government would carefully consider the ACCC’s evidence on petrol price cycles.