‘Rule of thumb’ is Australia’s inflation rises 0.4% when a 10% increase to crude oil price lasts a year
The humanitarian disaster in the Middle East will also hit Australian motorists at the bowser, with oil prices spiking 7% in the last week,
Chalmers said he did not want to “pre-empt” how much of this would be passed on to motorists but the Australian Competition and Consumer Commission kept an “eagle eye on petrol prices to make sure people are doing the right thing”.According to ACCC quarterly reports, drivers were paying as much as $2 a litre in east coast capital cities in
“We are seeing a spike in oil, prices and that has consequences for motorists, families, and communities here in Australia and right around the world.” Chalmers said the government was “concerned at a time when the global oil price is increasing, we don’t want to see the service stations take Australian motorists for mugs”.
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