Treasurer Josh Frydenberg has urged the consumer watchdog to ensure lower oil prices are passed on at Australia’s petrol pumps.
Oil has plunged more than 20 per cent after Saudi Arabia slashed its official selling price, putting futures at the lowest level since 1991.
Mr Frydenberg said he had spoken to Australian Competition and Consumer Commission chair Rod Sims on Monday about the organisation’s role in monitoring prices at the bowser.
“I wanted to re-emphasise to the ACCC the importance of holding the oil retailers to account in ensuring that Australians get the benefit from the lower oil prices,” the treasurer told reporters in Canberra.
“They have assured me that they will not only maintain their monitoring role and the vigilance that that involves.
“They’ll also be calling out any energy companies that don’t pass on the reduction in the wholesale price to the Australian consumer.”
AAP
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