Chris Bowen warns petrol stations as ACCC monitors fuel prices ahead of fuel excise return
Labor has warned petrol retailers the ACCC is closely monitoring fuel prices as the temporary fuel excise cut comes to an end this weekend.
Petrol retailers have been put on notice ahead of the return of the full fuel excise this weekend, with Energy Minister Chris Bowen warning the competition watchdog is closely monitoring prices and will take action if it detects unlawful behaviour.
The temporary fuel excise cut expires this weekend, with the Albanese Government confirming the levy will return to its normal rate as planned.
Mr Bowen said while the government would continue monitoring fuel prices, there were no plans to extend the relief.
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By continuing you agree to our Terms and Privacy Policy.“Our policy decision is very clear,” he said.
“Obviously, we always monitor the situation and take steps as necessary, but our policy decision is clear, it’s being implemented this weekend.”
The minister also issued a warning to fuel retailers, saying the Australian Competition and Consumer Commission had enhanced powers to oversee the market and investigate suspicious pricing behaviour.
“I’d have to leave the ACCC to update you on the enforcement actions,” Mr Bowen said.
“But they have certainly been given increased powers and increased fines by the government, and they have been, I know, active in the market.”
Mr Bowen said motorists should not expect prices to jump immediately once the excise returns, explaining many service stations are still selling fuel purchased under the lower tax rate.
“Just as it takes some time for the reduction to flow through, I would imagine, obviously, it’ll take some time for the market to respond, because the excise has been paid on the fuel under the ground, in the service station already,” he said.
“Some service stations get replenished more than others.”
He said the ACCC’s presence should act as a deterrent to any retailers considering taking advantage of the change.
“The fact that they are on the beat, I think, should be a reminder to everyone that they are there, they are monitoring, and that they will take action if they see actions that they find illegal.”
Asked about broader concerns over the economy following new data showing job mobility had fallen to a record low, Mr Bowen acknowledged international uncertainty was weighing on Australians but said the government had introduced a range of cost-of-living measures to provide confidence.
He pointed to cheaper medicines, tax cuts, HECS relief and TAFE support, while urging motorists not to panic-buy fuel.
“These weekly updates have been designed to give Australians the confidence to buy the fuel they need, no more, no less,” he said.
