Monday, November 28, 2022

Competitive watchdog to monitor fuel prices after fuel excise tax cuts –

The country’s competition watchdog has confirmed that it will ensure that the reduction in fuel excise duty, which was made overnight by the federal government, is passed on to the bowser.

The fuel excise tax has been halved to 22.1 cents over the next six months in an effort to ease the cost of living for everyday Australians, which means the petrol price must now start to fall.

The cut is now official, but we are warned it can take up to two weeks to flow through to the bowser.


Treasurer Josh Frydenberg claims it will save the average car owner about $ 15 per tank.

Gina Cass-Gottlieb, chair of the Australian Competition and Consumer Commission, said they would ensure that fuel savings were passed on by retailers.

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“We expect fuel retailers to pass on the reduction in fuel excise duty to lower the price at the Bowser as soon as possible, as existing petrol stock levels have been exhausted,” Ms Cass-Gottlieb said.

“In light of the announcement, our gasoline team will focus on this price monitoring work for the next six months to determine how retailers pass on the excise tax cut to consumers.”

“We will contact petrol retailers to set out our clear expectations that the savings will be passed on to consumers and advise them that we will monitor their margins. We will also continue to inform consumers about retailer behavior. ”

“As these changes translate into prices at local servos, this is a good time for consumers to look around and shop at those retailers that have already passed on the reduction in excise duties to their petrol prices,” Ms Cass-Gottlieb said .

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The full excise duty has already been paid on existing stock of fuel that will be depleted first.

“This delay in adjusting wholesale prices is shorter in larger cities and high-turnover areas, but is often longer in regional locations where lower volumes of fuel are sold and refueled less frequently,” said Ms Cass-Gottlieb.

“If retailers make false or misleading statements to consumers that they have transferred the savings while they do not have them, the ACCC will not hesitate to take appropriate enforcement action.”

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