Statements attributed to the Australian Competition and Consumer Commission Chairman, Professor Allan Fels, in Perth today that petrol prices may fall by 10c litre following the decision by OPEC to increase production are not an accurate reflection of his statements.
Professor Fels said that if OPEC production rose then prices would stop increasing and would start to fall.
He said it was hazardous to forecast oil price outcomes.
He added, at one point, that oil prices were abnormally high at present. It was more normal for them to be $5 or $10 a barrel lower. He indicated that if prices were $10 a barrel lower then retail prices would fall by about 10c a litre.
Professor Fels said that if OPEC production rose then prices would stop increasing and would start to fall.
He said it was hazardous to forecast oil price outcomes.
He added, at one point, that oil prices were abnormally high at present. It was more normal for them to be $5 or $10 a barrel lower. He indicated that if prices were $10 a barrel lower then retail prices would fall by about 10c a litre.