Economy

Qld calls on ACCC to give fuel price data

Qld calls on ACCC to give fuel price data”

An investigation by the Australian Competition and Consumer Commission has found greedy retailers are taking advantage of a lack of competition in the local market, charging an average of 3.3 cents per life more than any other capital city in Australia.

A damning report is claiming Brisbane motorists are being ripped off by profiteering petrol stations, to the tune of $50 million every year.

"However when you look over the eight year study period this means it has costs Brisbane motorists a mind boggling $400 million".

In 2015-16 the average net profit per fuel retailer was around 55 per cent higher than the Australian average.

ACCC Chairman Rod Sims said Brisbane motorists "suspected" they were paying more, and now the report back it up. It showed the average profit at a Brisbane service station had increased from $435,000 to $648,000 between 2012 and 2016.

Ms Smith said RACQ planned to meet with the Queensland Government to demand fuel price transparency laws be enacted as soon as possible.

"Currently, petrol companies aren't required to submit their prices, meaning they can go under the radar and not be held to account when they're overcharging. We need to use people power". "Having more accurate information allows motorists to buy the cheapest available fuel and drive competition".

Mr Bailey said Palaszczuk Government had already acted through our "what you see is what you pay" style regulations in August this year by banning the display of misleading discounted prices on fuel price boards, action the LNP could have taken during their term, but didn't.

Smith said motorists also have a big role to play in forcing prices down, by shopping around.



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