News
Petrol prices to be closely monitored
One of Prime Minister Kevin Rudd’s first acts in government has been to announce the appointment of a petrol price commissioner to monitor big oil companies.
Petrol prices in Australia have now reached around AUS$1.50 (approximately 64p) per litre – even higher in rural areas. Before he announces the identity of the commissioner, however, Rudd is waiting for the results from an Australia Competition and Consumer Inquiry into petrol prices that was set up before the election. "What we will do is establish the office of a petrol price commissioner in order to make sure we've got proper competition policy monitoring of what's going on with the setting of prices by the oil majors,"
Mr Rudd told Australian media. "Based on that (ACCC report), Chris Bowen the assistant treasurer will be implementing the measures necessary to get a petrol price commissioner in place. It will be one of our earliest actions and I know, having spoken to Chris yesterday, that this is something he wants to get cracking on straight away."
However, Rudd declined to confirm that petrol prices would fall in the future. "As I said before the election, I cannot guarantee a petrol price or a grocery price or a house price," he said. "What I can say is that we can through competition policy have a petrol price commissioner. On grocery prices, we'll have a grocery prices inquiry to maximise pressure on the majors, be they supermarket majors or oil majors." This issue is clearly high-priority with the new Rudd government, who are aware of the pressure rising interest rates, grocery rates and petrol prices are putting on Australian families.
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22 January 2008