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Petrol companies accused of ‘price gouging’ as Aussies suffer

Published: (Updated: ) in Australian News by .

The big petrol companies have been accused of price gouging just when many Australians are hurting most.

The big petrol companies have been accused of price gouging just when many Australians are hurting most.

With world oil prices plunging, they've been slow to act, keeping petrol prices high and making record profits.

"I don't know how many times we can say it. These prices should have come down a long time ago," NRMA spokesman Peter Khoury said.

The NRMA says the gap between the wholesale price and the retail price is the largest on record - and the falls in the price cycle are the slowest.

"The wholesale price is well under $1 now, it's about 93 cents," Mr Khoury said.

"So what we should be paying in Sydney right now is $1 a litre, if not less. What we are paying on average is $1.37."

Mogas - the oil prices are benchmarked against - has fallen to its lowest in 17 years, meaning oil companies are making profit margins like never before.

The winner for the cheapest regular unleaded in Sydney is Apex at Villawood, at 89.4 cents a litre.

But plenty are charging above 140c/L, or even more than 150c/L.

"If you're charging over $1.50, indeed, if you're charging over $1.40, that's price-gouging," ACCC chairman Rod Sims said.

"This is not helping Australia."

Source: 9News https://www.9news.com.au/national/coronvirus-petrol-prices-price-gouging-as-oil-prices-fall/7710eada-2f57-4ec1-a2f1-ba5a76da6efa

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