ACCC to watch over spikes on petrol price

The consumer watchdog is being tasked with closely monitoring shops and wholesalers for any unethical behavior amid expected petrol price rise.

The federal government has resisted calls to extend the fuel excise cut, due to end on September 29, citing budget pressures.

In March, the former Liberal-National government halved the fuel excise for six months in response to soaring fuel prices, slicing 22 cents off a litre of petrol.

Prime Minister Anthony Albanese last week said his government was examining another fuel excise cut in the October budget.

But Treasurer Jim Chalmers has written to the Australian Competition and Consumer Commission (ACCC) to ensure retailers do not penalise customers ahead of the reintroduction of the full fuel excise.

ACCC shall ramp up its monitoring of anti-competitive retailer behaviour and to analyse fuel prices on a daily basis when t he full excise is reinstated.

Related: Retail Learning Channel » NZ gov eyes cutting prices to ease inflation’s impact

It will also write to fuel companies about passing on any price rises and will warn against giving customers misleading reasons for increases.

The commission would also notify consumers about the best times to buy petrol based on their locations and price cycle data.

The letter to ACCC chair Gina Cass-Gottlieb is about making sure Australian motorists get a fair deal at the bowser, Dr Chalmers said.

“Refiners, importers, wholesalers and retailers should consider themselves on notice: the ACCC is keeping a very close eye on fuel prices across the country to make sure any increases are justifiable,” he said.

“There should be no doubt that if there is evidence of misleading or anti-competitive conduct by fuel retailers, the ACCC will take action.”

The watchdog is due to release its latest report on retail petrol, diesel and automotive LPG prices for the June quarter on Monday.

With AAP. (Content has been tweaked for length and style.)