Petrol Price Summit

The Palaszczuk Government has urged the Australian Competition and Consumer Commission (ACCC) to launch an in-depth study of petrol prices in Queensland.

Energy Minister Mark Bailey today hosted the Palaszczuk Government’s Petrol Price Summit, bringing together industry representatives as well as consumer and motoring groups.

“Officers from the ACCC presented the report of their study on the Darwin petrol market, and also provided an update on similar reviews underway in Armidale and Launceston,” he said.

“I want the ACCC to now launch a study into the Queensland market as soon as possible. I initially requested this when I wrote to ACCC Chairman Rod Sims earlier this year, and after today’s meeting I’m convinced this is the next step.

“The ACCC has the tools and the expertise, such as their compulsory information gathering powers, to bring real scrutiny to bear on the Queensland market and shine a light on what are higher margins than other states.

“The Federal Government must allocate the resources needed by the ACCC to do their job in Queensland, just like they did in the Northern Territory and are doing in New South Wales and Tasmania.”

Mr Bailey said the ACCC’s quarterly report into Australian petrol prices released in February confirmed that Queenslanders were paying more for fuel.

“Not only did it show that Brisbane has had consistently higher prices than other capital cities, it also found that regional areas have been slow to decrease their petrol prices,” he said.

“Regardless of where you live in Queensland, the chances are – the last fortnight excluded – you haven’t been getting the full benefit of the lowest international oil prices we’ve seen in ten years.”

Mr Bailey said several participants had also raised the issue of signage outside petrol stations.

“The summit was clear that we need to ensure motorists have accurate point of sale information, but that any new requirements for service stations are not onerous on operators which could then drive petrol prices up.

“We’ll be consulting further to look at any measures we can take at a state level to promote more discounting and lower prices for consumers.”

ENDS

Media Contacts:        Minister Bailey            Tim Shipstone             3719 7321

                                                                 Amy Hunter                3719 7324