The Australian Competition and Consumer Commission has confirmed that it is closely monitoring developments in petrol prices both in Australia and overseas.
Recently there have been significant increases both in the level of petrol prices in Australia and also in the difference between petrol prices and crude oil prices.
This phenomenon is occurring not only in Australia but also internationally. It is primarily a result of a shortage in the supply of refined product in the US Gulf following Hurricane Katrina and the Chinese government's recent decision to take steps to halt the export of petrol because of an acute shortage of fuel in several of China's provinces.
The ACCC does not have any evidence that increases in current domestic petrol prices are related to anti-competitive conduct. If evidence of such conduct is discovered the ACCC will immediately investigate.