Australia: Oil firms cautioned

AUSTRALIA’S big oil companies have been warned by the Federal Government’s Petrol Commissioner that he expects prices to come down this week.

Commissioner elect Joe Dimasi, in charge of the Government’s Fuelwatch scheme, said yesterday that he had watched prices for a week since the global financial turmoil and the slashed value of the Australian dollar.


Commissioner Dimasi said while there had been some cuts in the price of petrol over the weekly cycle, those falls had been offset by the decline in the value – and therefore the buying power – of the Australian dollar.

But he cautioned the big oil companies that as a result of his review he was not satisfied that the full value of the fall in the benchmark of Refined Singapore Petrol had been passed on to local consumers.

Herald Sun