The Australian Competition and Consumer Commission has commenced formal monitoring of unleaded petrol prices following a direction from the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Mr Chris Bowen, on 17 December 2007.
"I have written today to the major oil companies, Coles Express, Woolworths and the major independent chains advising them that formal monitoring of unleaded petrol prices has commenced," ACCC Chairman, Mr Graeme Samuel, said.
"The companies have been advised that the information and data requirements for monitoring will be extensive and cover all levels of the unleaded petrol supply chain. Data will be required from 17 December 2007, the commencement of the monitoring period."
The ACCC will report on the outcome of its formal monitoring to the Minister.
In addition the ACCC is reviewing the information available to consumers on its website, www.accc.gov.au.