Thread: The Great Fuel Rip-Off.

Article By John Rolfe.

Motorists are being ripped off to the tune of $5 a tank,delivering Big Oil a potential windfall of $30 million a week. Analysis by News Corp reveals the margin on petrol is the highest since at least early 2010-and possibly much longer. This is because the retail price is not dropping at the same pace as the wholesale price. Figures from the industry body for Big Oil,the Australian Institute of Petroleum (AIP),reveal the gap between the retail and wholesale price of unleaded has been as much as 19c/L during the past month. It means drivers of popular cars such as the Mazda6 have been forking over as much as $5.50 more per pit stop due to the supersized margin. The ACCC has estimated that every 1c/L extra motorists pay fattens fuel companies profits by $190 million a year-about $3.6 million a week. This suggests when the margin is 9c/L more than the historical norm,the bottom line benefit is $33 million a week. AIP data also shows the raw price of petrol-known as MOPS 95 has plunged 15c/L since the end of September to less than 64c/L. Yet the national average retail price has fallen just 1c/L in that time. Were it not for a big drop in Melbourne,the national average would be up.

In Queensland,the price has risen by about 2c/L with in that,the Brisbane average is up 4c/L. "Clearly the retailers are on notice to pass through the savings," said CommSec chief economist Craig James,who closely monitors petrol prices at a national level. "If we don't get a fall....there'll be questions asked." The AIP data was published just before last week's 10% dive in the price of Tapis oil. That slump could further expand the gap between wholesale and retail petrol prices. ACCC spokesman Duncan Harrod indicated there was nothing to worry about:"It is important to consider changes in differences over longer time periods." However,the longer-term view is also concerning. MOPS 95 is 16c/L lower than this time last year and the national retail price has fallen just 4c/L. The ACCC isn't actually closely monitoring prices any more. It stopped doing so in June. It's website says it is "considering options for the future." However,it has begun Federal Court action against most petrol retailers,alleging price co-ordination.

Anyway you look at it we are paying to much,and I can't see it changing any time soon.

Are there better sites than this one?

https://motormouth.com.au/