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A less than normal increase
I have been following the pattern of the Melbourne fuel cycle for some time now and what normally happens is that sometime on Wednesday the price goes up by between 9 to 12 cents but for some reason this week the price just went up by an average four cents.
So for example at my local service station the price went from 128.9 cents to 132.9 cents instead of something like 138.9 cents like last week.
I think the main reason for the slight increase this week is because of claims of oil companies ripping off motorists by not passing on international price reductions at the local bowser.
Just last week the Prime Minister John Howard indicated that he was willing to give the Australian Competition and Consumer Commission (ACCC) greater powers if petrol prices don't come down.
What will be interesting to see is whether the price will go down to something like 122 cents next week because that is where I would expect the price to go before the petrol cycle starts again next Wednesday.
I thought I read somewhere , Peter Costello is instigating an investigation into Fuel pricing.
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Yes Tyndale, Peter Costello on Friday agreed to an ACCC request for a public inquiry. The investigation will have the power to take evidence under oath and to force witnesses to appear and answer questions, following allegations of fuel price fixing.
Its interesting to see what will come out of this enquiry.
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Wes,
I can tell you know what the outcome of any new public inquiry on fuel prices...NOTHING. The government is simply clutching to the fact that if they are seen to be doing something then that will help their re-election process.
The government should drop the 'tax on a tax' for fuel. By dropping GST on fuel would instantly save motorists $$. Then they need to ensure that the fuel companies don't ramp up the price due to the lack of GST. Maybe petrol pricing should be monitored and set like the Reserve Bank does to interest rates?
In all of this it comes down to 3 points:
Winners - Fuel companies who have us 'fuel' addicts as customers
Winners - Government through excise and GST
Losers - Anyone with a vehicle and drives it.
Dave
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You have a point there Dave, after all I think this is not bad to time for the government to show some concern for the high fuel prices. But maybe it has had a little effect with petrol being a bit cheaper this week than same time last week.
I agree, Dave....its two agents riping us off, oil companies used to profiteering and a Government keen on raising as much cash as possible and then look like good managers....no wonder Costello is always declaring surpluses...it happens every week without fail regardless of the conditions on the international market...
I buy my fuel Wednesday morning before going to work, and guess what it will be a few cents cheaper come back in the evening it will have been ramped up a few cents...every week its a routine...
No wonder the most profitable company in the world in absolute terms is ExxonMobil, a fuel extraction, refining and distribution company...I rest my case
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Mbareboy, its all about profit and even more profit for the oil companies. Wednesday is the day when the fuel cycle starts and that's why if you forget to buy fuel on Wednesday morning you should expect to pay at least 10 cents more in the evening compared to the morning price. As a result I make sure that I buy my fuel on Tuesday night instead.
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