Dollar, G-20, National Australia Bank, TelecardOctober 18, 2000
New York meetings, G20, Australian dollar, Australian economyOctober 23, 2000
ACCC Report on the Movement in Fuel Prices in the September Quarter 2000
Acting Treasurer and Minister for Finance and Administration, the Hon John Fahey MP,
said the report on petrol prices released today by the Australian Competition and Consumer
Commission (ACCC) found that over the period from the week ending 30 June to the week
ending 29 September the actual rise in petrol prices was below the level that was
expected, taking into account the main underlying factors that influence petrol prices.
While the Government does not like the current level of petrol prices, the ACCC report
confirms the Government’s position that petrol prices in Australia have been largely
driven by international oil and petrol prices, in particular the spot price for Singapore
Mogas 95 unleaded, and the Australian and US dollar exchange rate.
The ACCC report examined the following factors which influence petrol prices:
The ACCC confirmed that cost savings available to the petroleum sector as a result of
the introduction of The New Tax System could be up to 1.6 cents a litre, higher than the
Governments own estimate of 1.5 cents a litre.
The ACCC report also addresses the country-city petrol price differential and found
that it had decreased since the introduction of The New Tax System. While the ACCC comes
to no conclusions regarding the Fuel Sales Grant Scheme because it is currently inquiring
into whether the Grant is being passed on, it suggests that the Grant may be having a
20 October 2000