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The Australian Competition and Consumer Commission (ACCC) has reiterated its concerns regarding potential price exploitation by fuel suppliers, highlighting the difficulties Australians face due to rising petrol costs and, in some cases, limited access to fuel.
The ACCC has requested fuel providers to justify the swift increase in petrol prices, seeking clarity on the factors driving these hikes.
Petrol prices have surged from approximately $1.80 per litre before the conflict in Iran to about $2.20 per litre currently.
Diesel prices have escalated even more sharply, reaching around $2.45 per litre.
ACCC Commissioner Anna Brakey emphasized the necessity for transparency, urging fuel companies to clearly communicate the reasons behind their pricing strategies to consumers.
“Since this crisis began we have heard from many consumers who are concerned and frustrated about pricing conduct by retailers.”
ACCC Chair Gina Cass-Gottlieb confirmed she would ensure strong action would be taken against fuel suppliers found to be price gouging.
“If we find there is conduct that is collusive, for example any agreements to divide up or supply certain customers or set prices, or any other collusion in breach of competition laws, we will investigate it and take action,” she said.
Cass-Gottlieb claimed the ACCC were given “important information about the supply chain [and] the volatility in international pricing,” but she encouraged fuel suppliers to be open with customers, especially farmers in rural regions who are beginning to struggle with a lack of petrol.
“We encourage fuel companies to be accurate, open and honest about the reasons for price increases across the country and to treat their customers fairly,” she said.
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