Fuel

Petrol retailers starting to pass through fuel excise cut

ACCC monitoring of petrol prices has found significant falls in retail prices in the major capital cities a week after the cut in fuel excise came into effect.

The fuel excise cut, announced in last week’s Federal Budget, is being passed on in full by wholesalers through reduced wholesale prices to retailers, ACCC analysis shows.

“Over the next weeks, as petrol stations use up their stocks of fuel on which the higher excise had already been paid, we expect the reduced wholesale price to be passed through at the bowser everywhere,” ACCC Chair Gina Cass-Gottlieb said.

ACCC to monitor petrol prices following cut in fuel excise

The ACCC notes today’s Federal Budget announcement of a six-month reduction in fuel excise from midnight tonight.

Under direction from the Federal Government, the ACCC currently monitors fuel prices, costs and profits and reports on these each quarter. The ACCC can compel refiners, importers, terminal operators, wholesalers and retailers to provide information relating to fuel prices where necessary.

War in Ukraine and OPEC production limits pushed February petrol prices to eight-year high

Russia’s invasion of Ukraine and the OPEC cartel’s refusal to boost crude oil production, combined with recovering oil demand as countries relaxed COVID-19 restrictions, pushed February prices for both international refined petrol and average retail petrol in Australia’s five largest cities to an eight-year high.

Woodside's proposed acquisition of BHP Petroleum not opposed

The ACCC will not oppose Woodside Petroleum Limited’s (ASX: WPL) proposed acquisition of BHP Petroleum International Pty Ltd, a wholly owned subsidiary of BHP (ASX: BHP).

Woodside and BHP Petroleum supply domestic natural gas in Western Australia, and export Liquefied Natural Gas (LNG), Liquefied Petroleum Gas (LPG), condensate and oil from Australia.

“We examined the proposed acquisition closely as it would combine two of the four largest domestic natural gas suppliers in Western Australia,” ACCC Chair Rod Sims said.

Quarterly report on the Australian petroleum market – September quarter 2021

The eighth quarterly report under the petrol monitoring arrangements outlined in the Competition and Consumer (Price Monitoring—Petroleum Fuels) Direction 2019, which commenced in December 2019.

Report on the Australian petroleum market - June 2021

The seventh quarterly report under the petrol monitoring arrangements outlined in the Competition and Consumer (Price Monitoring—Petroleum Fuels) Direction 2019, which commenced in December 2019.