Minister Barr: Tackling high petrol prices in the ACT
- Written by ACT Government
Released 15/06/2016
Today I met with the Chair of the Australian Consumer and Competition Commission (ACCC), Rod Sims, to discuss measures to take the pressure off Canberra drivers who are facing some of the highest petrol prices in Australia.
The ACT is continually recording higher petrol prices than other large cities across the country. In February 2016, Canberra motorists saw record petrol price differentials compared to the national average and Sydney, in particular.
These record prices were despite a continued decrease in crude oil prices late last year, which reached their lowest level since June 2004, as documented by the ACCC in its December quarter Report on the Australian petroleum market.
While the situation improved a little in the March quarter, the figures reveal a large discrepancy between the cost of crude oil and what motorists are actually paying for petrol. It is important our fuel retailers are held to account to ensure that Canberrans aren’t paying too much at the pump.
Canberra motorists in and around Majura Park and Fyshwick have seen some petrol price relief with the opening of Costco and Metro Petroleum. Unfortunately, these savings have not yet flowed through to the broader ACT market.
In today’s meeting Mr Sims and I discussed ways to increase both competition and transparency in the market as well as the need for an ACCC market study into petrol prices in the ACT.
The government will work closely with the ACCC to provide better information to consumers and to collect better data. The ACT will also work with other states - raising these issues at the next head of Treasuries meeting.
A 2015 investigation into petrol prices in Darwin as well as market studies in Launceston and Armidale have led to downward pressure on petrol prices in the Northern Territory, Tasmania and New South Wales.
The government will continue to work with the ACCC to ease the strain on the ACT community caused by rising petrol prices.
- Statement ends -
Section: Andrew Barr, MLA | Media Releases
