Gas Week

EWN Publishing

‘Lo and behold’: ACCC inquiry announcement leads to sudden fall in petrol pricing, says NRMA

Posted by gasweek on 20 September, 2007

Brandishing a graph comparing the price of petrol at the bowser to international crude prices over the past eight months, the NRMA’s motoring and services president, Alan Evans, said that the analysis proved “beyond any shadow of a doubt” that before the Treasurer, Peter Costello, announced an inquiry into petrol pricing in June, motorists were being ripped off be millions of dollars, reported The Sydney Morning Herald (4/9/2007, p.5).

No coincidence: The Australian Competition and Consumer Commission was given the green light for an inquiry by the Federal Government on June 15. According to NRMA figures presented to the inquiry, however, retail petrol prices promptly began to fall after the inquiry was announced, despite the Malaysian Tapis – the crude oil benchmark for the Asia-Pacific market – progressively rising. “We see in the last few weeks crude pices have risen but, lo and behold, because someone is looking over their shoulder, [the oil companies] have brought the prices down,” Evens said.

The Sydney Morning Herald, 4/9/2007, p. 5

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3 Responses to “‘Lo and behold’: ACCC inquiry announcement leads to sudden fall in petrol pricing, says NRMA”

  1. Why are petrol prices so different in these Countries? Aren’t all oils the same? Can’t understand why Australia is paying so much more than the USA.

  2. Rod Smith said

    I always knew the OIL COMPANY’S were mongrals now here is the proof.
    But nothing will happen to them. The ACCC only seems interested in giving small people a hard time.

  3. Rod Smith said

    The state gov”s are also to blame! the federal gov puts a tax on fuel then the states put on a GST.
    Im 64 years old but I can remember when petrol was 20 cents a gallon, then years later when I had my first car converted to LPG I could get LPG for 8 cents a ltr in Victoria.

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