Retail petrol prices facing scrutiny in record oil low
AUSTRALIAN motorists are yet to see lower costs at petrol bowsers around the country, despite the record low global oil price.
The Australian Competition and Consumer Commission has written to major fuel retailers asking them to explain their high retail prices.
A report from the ACCC out yesterday showed while quarterly petrol prices were lower than previous quarters; they were not as low as the competition watchdog expected.
The September 2015 quarterly report showed that in capital cities the "gross indicative retail differences" - or difference between crude oil price and retail prices were at their highest level since monitoring began in 2002. That was despite the international crude oil price being at its lowest level in 11 years in December last year.
ACCC chairman Rod Sims said while elevated refinery margins were outside Australian control, the excessively high retail price was in the regulator's sights.
He said he wrote to the major fuel retailers asking them to explain their prices earlier this month and was hoping for a response soon.