Petrol price hike stuns battlers

Fuel industry chiefs could face criminal sanctions including jail if they are caught manipulating the market to force up petrol prices, reported The Daily Telegraph (7/8/2006, p.3).

NSW Govt talks tough: As a study shows the cost of running a family car in western Sydney is now topping $400 a week, the Iemma Government on 6 August called for a crackdown with harsh penalties.

PM Howard rules out fuel excise cut: It came as Prime Minister John Howard warned Australians the days of low petrol prices were gone forever and ruled out any fuel excise reduction.

PM speculates on oil price future: Howard expected prices would settle at 15 to 20 cents below current levels. "We hope that we’re not in an era of ever-rising petrol prices and perhaps somewhere in between, where that settles – $1.15, $1.20 – there’s some hope of that," he said.

Excise cut would kill $3bn Govt kitty: Howard said to make any difference to the retail cost of petrol, the Commonwealth would need to cut excise by 10c – equivalent to between $2.5 billion and $3 billion in revenue.

Fed Govt suggests cards for price manipulators: In a submission to the Senate inquiry into petrol prices, the Government recommended a football-style "yellow card" system to track offenders.

Sydney Westies bear brunt of price hike: New research shows families in Sydney’s west are among the hardest hit by fuel prices of $1.50 per litre. The Government’s weekly cost estimate of $400 includes fuel, depreciation, maintenance, insurance and tolls.

The Daily Telegraph, 7/8/2006, p. 3

Source: Erisk Net  

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