E&OE...
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The Australian Competition and Consumer Commission already monitors the price of fuel at about 70 per cent of service stations around Australia every day.
The Commission already has the power to obtain search warrants, seize documents and seek fines of up to $10 million from companies involved in anti-competitive practices.
The Government has offered to provide the ACCC with any new powers it needs to ensure that Australian motorists get a fair go at the bowser. Any request for extra powers will be granted.
While petrol prices in Australia follow the Singapore price of fuel, there has been evidence in recent weeks that price falls in Singapore have not been quickly passed on to Australian motorists.
This failure to lower the price in line with the Singapore benchmark is not acceptable to either the Government or the public.
Australians by and large accept that international settings and market forces will govern the price of petrol but they will not tolerate being taken for a ride by anyone.
The proposal by the leader of the Opposition, Mr Rudd, to create a petrol commissioner is a piece of bureaucratic window-dressing. It will have no impact on the price of petrol at the bowser.
The Government will have further discussions this week with the Chairman of the ACCC, Mr Graeme Samuel, on the issue of extra powers for the Commission.
Fuel prices have a significant affect on family budgets and the Government will do all it can to ensure that the impact of petrol prices on all Australians is kept to a minimum.
Listen to this Speech (MP3 - 1.52Mb - 99secs)