Commonwealth legislation

Monitoring of Prices, Costs and Profits Relating to the Supply of Petroleum Products in the Petroleum Industry in Australia

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

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This Direction requires the ACCC to monitor petrol, diesel and other petroleum prices, costs and profits across the full supply chain for two years and to report quarterly to the Treasurer. It compels the ACCC to allocate resources, subjects importers, refiners, wholesalers and retailers to scrutiny, and aims to boost transparency so consumers and policymakers can spot unusual margins or potential price gouging.

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Monitoring of Prices, Costs and Profits Relating to the Supply of Petroleum Products in the Petroleum Industry in Australia

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COMPETITION AND CONSUMER ACT 2010

MONITORING OF PRICES, COSTS AND PROFITS RELATING TO THE SUPPLY OF PETROLEUM PRODUCTS IN THE PETROLEUM INDUSTRY IN AUSTRALIA

I, Scott Morrison, Treasurer, pursuant to section 95ZE of the Competition and Consumer Act 2010, hereby direct:

the Australian Competition and Consumer Commission (ACCC) to monitor the prices, costs and profits relating to the supply of petroleum products and related services in the petroleum industry in Australia for two years, effective from 20 December 2017;

2. the ACCC to report to me on its monitoring activities in paragraph (1) at least quarterly.

3. the Direction commences the day after registration.

DATED THIS 20TH DAY OF DECEMBER 2017

Scott Morrison

TREASURER

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.