Morrison says he'll be watching petrol companies 'very, very closely' amid soaring prices

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Australian Prime Minister Scott Morrison has warned petrol companies that he is watching them “very, very closely” amid soaring prices at the pump.

The Australian reports the PM also threatened new regulations would be on the way for retailers if they did not give customers a good deal.

“The government will consider any number of measures, but it is in the hands of the fuel companies to do the right thing by its customers and the (Australian Competition and Consumer Commission) and I will be watching very, very closely,” he said on Tuesday.

“I get it that it is very frustrating, when Australians see the petrol prices move as they do.

“So the government will always be considering ways that we can put more pressure on the petrol companies to do the right thing by customers, just like we are doing that with electricity prices.”

Yesterday, Morrison also urged the ACCC to monitor the behaviour of retailers, specifically calling out chairman Rod Sims.

“That is their job,” he said. “That is Rob Sims’ job, to make sure that all these petrol companies, these fuel companies, do the right thing by customers.”

“So if they are not, he has the powers, he has the resources to investigate them and I expect them to get on and apply the pressure. That is why we have an ACCC. It is to deal with that precise issue.”

The average price of unleaded petrol in Australia hit the highest level in over a decade this month.

According to Commsec, citing data from Australian Institute of Petroleum, the average nationwide price now sits at 159.3 cents a litre — the highest level since late July 2008. More on that here.

The Australian has more.

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