A Labor MP has urged the federal government to take action on inflated fuel prices.
Create a free account to read this article
or signup to continue reading
Rankin member Jim Chalmers, who is the opposition treasury spokesman, has written to treasurer Josh Frydenberg to get drivers a better deal at the bowser.
Global oil prices have hit record lows in recent weeks, with negative oil prices recorded on one exchange for the first time in history.
According to the NRMA, the gap between wholesale and retail prices for petrol in Australia is the highest it has been.
The Australian Institute of Petroleum has estimated that wholesale prices may be more than 30 cents lower than what consumers are paying.
"Workers, businesses, pensioners and families in our community and across the country are reeling from the effects of the virus outbreak and desperately need this relief at the bowser," Mr Chalmers said.
"The government must step in and give the Australian Competition and Consumer Commission whatever powers it needs to crack down on price gouging in this time of crisis.
The government must step in and give the Australian Competition and Consumer Commission whatever powers it needs to crack down on price gouging in this time of crisis.
- Jim Chalmers
The ACCC is an independent, national government body charged with promoting competition and ensuring fair trading of goods and services in Australia.
In recent months the ACCC has flagged its concerns over fuel prices, suggesting the need for price controls if the industry failed to pass on appropriate savings to drivers.
Mr Chalmers said ongoing gouging at the bowser required the government to intervene and give the commission the power to end higher petrol prices.
"When prices are unnaturally high, the ACCC needs the power to step in and make sure the market is working properly," he said.
"The high prices still being paid by Australians show that the ACCC has not been able to take control of the situation."
A government spokesman said Mr Frydenberg had raised the issue with the ACCC.
"The treasurer has spoken to the head of the ACCC Rod Sims about the importance of holding petrol retailers to account and ensuring that all Australians get the benefit from lower oil prices," the spokesman said.
"The ACCC plays a monitoring role with respect to prices at the bowser."
"The ACCC has assured the treasurer that they will maintain a strong monitoring role, while also calling out energy companies that do not pass on the reduction in wholesale prices to Australian consumers."
The RACQ said the cheapest petrol at Jimboomba on Friday was $1.15 per litre, compared to 87 cents in Brisbane.
In Cleveland, the lowest price was $1.19, and at Beaudesert, 99 cents.
