The Australian Competition and Consumer Commission (ACCC) has been urged to launch a study into Canberra’s petrol prices.

ACT Chief Minister, Andrew Barr said he had met with Chair of the ACCC, Rod Sims to discuss measures to take the pressure off Canberra drivers, who were facing some of the highest petrol prices in Australia.

“The ACT is continually recording higher petrol prices than other large cities across the country,” Mr Barr said.

He said in February, Canberra motorists saw record petrol price differentials compared with the national average and those in Sydney, in particular.

Calls for ACCC investigation

“These record prices were despite a continued decrease in crude oil prices late last year, which reached their lowest level since June 2004, as documented by the ACCC in its December quarter report on the Australian petroleum market,” Mr Barr said.

He said that while the situation improved in the March quarter, the figures revealed a large discrepancy between the cost of crude oil and what motorists were actually paying for petrol.

“It is important our fuel retailers are held to account to ensure that Canberrans aren’t paying too much at the pump,” Mr Barr said.

“Canberra motorists in and around Majura Park and Fyshwick have seen some petrol price relief with the opening of Costco and Metro Petroleum; unfortunately, these savings have not yet flowed through to the broader ACT market.”

The Chief Minister said he had discussed with Mr Sims ways to increase both competition and transparency in the market as well as the need for an ACCC market study into petrol prices in the ACT.

“The Government will work closely with the ACCC to provide better information to consumers and to collect better data,” Mr Barr said.

“The ACT will also work with other States by raising these issues at the next Heads of Treasury meeting.

Extracted in full from PS News.