Chalmers writes to ACCC over surging fuel prices amid Middle East conflict
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The news: Federal Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission (ACCC) to ask it to monitor fuel prices amid escalating conflict in the Middle East.
The numbers: Global crude benchmark Brent has risen more than 12.5% over the last week to around USD79.70 per barrel, with WTI crude prices up 10.7% USD72.60 per barrel.
The context: Chalmers said the recent spike in the barrel price on international markets and volatility due to unfolding events “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”.
What they said: “I would expect the ACCC as the independent regulator enforcing Australia’s competition and consumer laws to investigate any concerns arising about misrepresentations regarding petrol prices, false and misleading conduct or anti-competitive conduct in petrol markets, and to take appropriate action,” Chalmers said in the letter.
The source: Jim Chalmers letter
