Oil giants told to cut prices in Australia

THE consumer watchdog yesterday accused greedy petrol giants of jacking up pump prices, despite big falls in the international benchmarks they claim to follow.

The renewed attack came days after Australian Competition and Consumer Commission (ACCC) chairman Graeme Samuel failed in a Federal Court bid to unearth price fixing between the handful of oil majors who control Australia’s service stations.

For years petrol companies have said they are at the mercy of the Singapore benchmark oil price when hiking prices to record levels.

Yesterday Mr Samuel said the opposite should hold