Competition regulator will provide quarterly reports on fuel price movements.
The Australian Competition and Consumer Commission (ACCC) has been given greater powers to monitor and investigate the fuel industry.
Small business minister Bruce Billson has directed the agency to step up its monitoring efforts in response to community concerns around fuel pricing and competition.
Under Billson’s directive, the ACCC’s fuel monitoring reports will now be produced quarterly instead of once a year.
Billson says this will ensure the reports are more informative, responsive and able to identify areas of market concern.
The ACCC has also been equipped to dig into specific markets or aspects of the fuel industry requiring closer examination.
“These reviews will target perceived irregularities in the fuel market or market dysfunction with potential detriment to motorists,” Billson says.
“Under the new approach, the ACCC will conduct at least four investigations a year into specific geographic markets, specific products or other issues of concern. The particular focuses of these investigations will be determined in due course.”
ACCC commissioner Rod Sims says the new monitoring framework will allow the ACCC to take a closer look sections of the fuel market that are of particular concern to consumers.
“The ACCC has a dedicated team and resources to carry out these functions,” he says.
Sims says the ACCC will provide more information on its new reporting framework in January.