Australia's competition watchdog, the ACCC, has warned fuel retailers it will closely monitor for misleading price hikes when the government halves the fuel excise cut from July. The regulator says it will take action against any anti-competitive behaviour or false claims about prices.
The Australia n Competition and Consumer Commission ( ACCC) has issued a stern warning to fuel retailers amid impending changes to the nation's fuel excise arrangements. The government recently announced that the temporary halving of the fuel excise, a measure designed to help consumers cope with high prices, will itself be halved from July 1.
This means the excise cut will be reduced, leading to a gradual increase in the tax component of fuel prices. The ACCC, acting as the competition and consumer watchdog, has directly contacted fuel retailers to alert them that it will be intensifying its scrutiny of fuel pricing during this transitional period.
The commission is concerned that the change in the excise structure provides an opportunity for some retailers to engage in misleading or unfair pricing practices, potentially passing on more than the actual tax increase to consumers at the pump. ACCC Commissioner Anna Brakey explicitly stated the commission's expectations, saying they anticipate that fuel retailers will not attempt to take advantage of the impending excise increase.
She emphasized that the ACCC will closely examine fuel price movements and overall market behaviour both in the lead-up to the July 1 change and in the weeks following. The watchdog has made it clear that it will not hesitate to take enforcement action if it discovers evidence of retailers making false or misleading statements about price movements or engaging in anti-competitive conduct. This monitoring will be a key focus for the ACCC over the next month.
To empower consumers during this time, the ACCC has advised customers to utilise price comparison applications and websites to compare prices between different retailers before making a purchase. This collective action by the government and the regulator aims to prevent unjustified price hikes and ensure that the tapering off of the fuel excise relief does not lead to inflated costs for motorists and businesses, who continue to face cost-of-living pressures
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