ACCC to closely monitor local fuel prices amid warnings against price gouging
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The news: The Australian Competition and Consumer Commission (ACCC) has confirmed it is closely monitoring international and domestic fuel price movements and market behaviour amid the ongoing Middle East conflict.
The context: This move comes after a request from Federal Treasurer Jim Chalmers on 3 March asking the regulator to monitor fuel prices during the period of heightened volatility in the Middle East.
Chalmers said volatility in fuel costs “should not be used as an excuse for retailers to gouge customers or to increase prices opportunistically above and beyond the impact of events in the Middle East”.
ACCC commissioner Anna Brakey stated that while international costs are largely outside the control of local petrol retailers, Australian companies “making false or misleading statements to consumers about the reasons of price increases would be in breach of the Australian Consumer Law”.
What they said: “The ACCC will not hesitate to take action if representations and market behaviour by a petrol company contravene competition and consumer laws.
“We have written to major fuel companies to set out our expectations about domestic fuel pricing as these international events unfold,” Brakey said.
“At this time, as at any time, we encourage motorists to use fuel price apps and websites to shop around to find the lowest prices,” she added.
The source: ACCC
