“I fully support renewed calls for a formal investigation into the high cost of petrol price in Australia” Ms Vamvakinou said.
“I think it’s fair to say that consumers are being robbed blind by the large oil companies. In effect, millions of Australians are paying to line the pockets of big oil companies that record multi-million dollar profits year in and year out.”
“It’s an absurd situation, one in which the law of petrol pricing in this country remains the law of putting company profits ahead of any sense of fairness to the Australian consumer.”
“Oil producers are always quick to raise the cost of petrol whenever the price of crude oil goes up, but mercilessly slow to reduce the price of petrol when crude oil prices fall.”
“It’s a pattern that that we have seen in Australia for some time now.”
“The fact that petrol prices seem to miraculously jump during busy motoring periods like public holidays further highlights the need for a formal price inquiry to be carried out.”
“The Howard government has taken absolutely no steps to monitor the spiralling cost of petrol in Australia, and has therefore done nothing to offer respite to Australian motorists.”
“According to the ACCC, petrol prices should be approximately 5 to 10 cents a litre lower than they currently are, and it recently warned oil companies of a public name and shame campaign aimed at putting pressure on them to drop their petrol prices in line with prices in Singapore.”
“It’s interesting to note that the day after the ACCC issued this warning, petrol prices fell in the local area by around 6 to 7 cents a litre” Ms Vamvakinou said.
“Whilst I welcome the ACCC’s announcement of a future name and shame campaign for oil companies, more needs to be done to ensure that Australian motorists get a fairer deal both now and in the future.”
“If the Treasurer, Peter Costello, actually cared about the dramatic impact high petrol prices were having on the average household budget, he would direct the ACCC to undertake a formal price inquiry into the high cost of petrol.”
“A formal price inquiry, rather than a name and shame campaign, is the only way to make sure that the oil industry provides all the information needed to determine what is really happening with petrol prices in this country, and why Australian motorists are still having to pay so much every time they fill up the car.”
Contact: Alex Kouttab 0417 541 465
